First: Didn't WaPo and Time hear the Yellen/O'Donnell interview from earlier this year? (the applicable segment is about 10 minutes into the above video). In it, both Yellen and the IRS want all banks to report any bank account that have more than $600 annually going through it. Tracking a $600 annual movement through a single bank account isn't really aimed at the corporations or billionaires, yes? It's aimed at middle and lower classes.
Second: Again in that same segment, didn't WaPo and Time hear Janet Yellen say that there's going to be an estimated $7 trillion short fall in tax collection over the next ten years? There's the reason for 87,000 new IRS agents. The majority of which will be used for enforcement. In all, that comes out to a little more than 1,700 new IRS agents per state. They'll have to be doing something in order to keep their new jobs - like chasing down the people making a little extra in the gig economy.
Third: WaPo said that the middle and lower income brackets are already covered by automation. If true, then why hire 87,000 new IRS agents, or about 1,700 agents per state? They'll have to be chasing the low hanging fruit first in order to keep their new jobs. And yes, we're the low hanging fruit. Keep in mind that the IRS is also planning to use about $5 billion to better their automation. That kind of blows WaPo's theory out of the water, yes?
Fourth (and very important): It's ALREADY LEGAL for the corporations and billionaires to pay a less percentage of their income than the middle class and lower class. Thank you Congress. The rich have teams of tax attorneys and accountants on their side. The rest of us are the low hanging fruit in point three.
Fifth: CNN saying that Yellen directing the IRS not to increase the chance of an audit means don't change the current ratio of who gets audited (between all classes). Keep the current balance as best as possible. It doesn't mean don't audit the middle and lower classes and then don't go after their money.
Look, the government needs more money like Janet Yellen said. And just like they did 90 years ago when FDR implemented the bank holiday, they're going to be coming to collect.
Be careful out there. Things are about to get interesting. Protect yourselves.
