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Sen. Lummis asks Biden ‘do you distrust Americans so much that you need to know when they buy a couch?’

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Sen. Cynthia Lummis (R-WY) took her opportunity to blast President Biden during the latest Senate Committee on Banking, Housing and Urban Affairs. Treasury Secretary Janet Yellen appeared for a hearing Tuesday when Lummis took aim at Biden’s financial policy.

Following Biden’s proposal to require banks to hand over transaction data over $600 on individual bank accounts, Lummis railed against the president

“Banks do not work for the IRS,” Lummis said. “This is invasive of privacy. Wyoming’s people literally will find alternatives to traditional banks just to thwart IRS access to their personal information, not because they’re trying to hide anything, but because they are not willing to share everything.”

However, Secretary Yellen corrected the senator. She claimed that the administration would just see reports on aggregate transactions. This way, there would be no way to see the data behind individual accounts.

“Do you distrust the American people so much that you need to know when they bought a couch? Or a cow?” Lummis asked. “I am astounded by what you’re supporting and proposing. I think it’s invasive. I think privacy for individuals is being ignored. And I think that treating the American people like they are subjects of the government is unconscionable.”

“The IRS has a wealth of information about individuals,” Yellen said. According to the treasure secretary, the proposal is for those who have “opaque sources of income.”

“A $600 threshold is not usually where you’re going to find the massive amount of tax data you think Americans are cheating you out of,” Lummis responded.

According to the Office of Tax Analysis, a crackdown on unreported income could generate $460 billion over the next decade. Yet, the IRS estimates that compliance on taxes due on wages is 99%. Meanwhile, compliance on what they call “less visible” sources of income is at 45%.

You can follow Jenny Goldsberry on Twitter @jennyjournalism.

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China

Chinese Spy Balloon: Tensions rise between the U.S. and China

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A strange object was spotted Wednesday over Billings Montana. The Pentagon confirmed Thursday that the strange object was, in fact, a Chinese spy balloon. According to a report from KPAX, a western Montana news outlet, the balloon had been on the governments radar for days.

On Friday, the Chinese government released a statement saying that the balloon spotted in Billings is a “civilian airship” that’s sole purpose is used to collect research on weather and that it had just blown off course. The balloon was not shot down by orders of the Pentagon due to the risk of falling debris injuring people on the ground.

Sara Carter, who has spoken frequently on the Chinese government’s threat and expansion to the West, stated on Twitter that the United States has failed to stop China from purchasing land near military installations, vital agricultural land, as well as, allowing Chinese linked companies, such as Huawei, to install technology in cellular towers. Those cellular towers are located in Montana, along side more than 150 ICBM nuclear silos.

China said, “The Chinese side regrets the unintended entry of the airship into U.S. airspace due to force majeure.” Majeure meaning that it was out of there control. It blew off course due to limited “self-steering” capabilities according the Ministry. The ministry also stated that the balloon, “deviated far from its planned course.”

This incident is adding fuel to the fire of what is already a tense relationship between the worlds two largest economies. China already lays claim to approximately 80% of the South China Sea, and is seeking full control over Taiwan after assuming full control of Hong Kong. China’s belt and road initiative has invested copious amounts of money into building infrastructure in other countries and uses it as economic blackmail. China’s transportation of fentanyl into Mexico is yet again another example of how they are seeking to damage the US.

Is this just a weather ballon that blew off course? US officials at the White House seem to be unconvinced and will continue to monitor the balloon, as reported.

UPDATED: Statement from the Pentagon was jaw dropping when a reporter asked if the public has a right to know about Beijing’s balloon.

“The public certainly has the ability to look up in the sky and see where the balloon is,” a DOD official responded.

 

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