Topic: Irs Tracking

Wally Adeyemo explained that the proposal to track bank transactions over $600 is intended to identify wealthy tax evaders. He claimed the system would actually benefit regular W-2 earners by making them less likely to be audited, as the IRS would already have visibility into their accounts to verify compliance.

Over 50 countries, including Switzerland, have signed an agreement to automatically exchange banking information by 2017 to end tax evasion. The hosts discuss the increasing difficulty of moving money internationally and share personal stories about the intrusive tracking of financial and physical movements in the Netherlands via RFID travel cards and phone positioning.