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10/19, 6:00 PM (Source: TeleTrader)
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Yellen: Tax proposal levels playing field for workers

United States Treasury Secretary Janet Yellen stated on Tuesday that the tax compliance proposal will "level the playing field for workers and small businesses, and raise revenue to build our economy back better."

Yellen's statement, released on Twitter, explained that the proposal will set the bank account reporting threshold at $10,000 with exemptions for wage and salary earners "like teachers and firefighters." The Treasury Secretary argued that the current "two-tiered tax system is unfair and deprives the country of resources to fund core priorities."

"Today's new proposal reflects the Administration's strong belief that we should zero in on those at the top of the income scale who don't pay the taxes they owe, while protecting American workers," Yellen declared.

Breaking the News / IB