new surveillance. warren also fighting back. they re wrong. of course it changes, but the whole point here is to catch tax cheats, high net worth tax cheats. the idea behind it is to say look, most people who are just salaried who have wages get a w2 form so they are third party reporting. it means the employer reports not only to the employee but also to the i.r.s.. a republican suggested let s audit the billionaires and be done with it. dana: backtracking. biden weaponizing the i.r.s. leaves families and businesses lower returns on savings. tim scott will be with us. he will be able to explain how the biden administration completely botched this. bill: i don t know if it
your mind as you deliberate these considerations and then separately you mentioned how you are going to pay for some of these provisions. senator wyden has a proposal on annual taxes on billionaires unrealized gains. is that something you support? president biden: yes, i do. i support a lot of these proposals. we don t need all the things i supported to pay for this but i do support that. look, if you get if you file a w2 form, you know, the irs has access to your bank account and your bank tells you how much you made, what you have in there and they estimate your tax. well, if you have no income you are just if you have no earned income and it is all invested income, it is hard to figure out what the hell what the heck you have. and that s why we have to and i know some people don t like this, that s why we have
story. when i called in, here s what they told me followed by a comment from the centers for technology and democracy. i need your name, your date of birth, your mailing address, your amount on your w2 form, your social security number and a couple phone numbers to ask an applicant for a social security number and sensitive information until they re absolutely ready to apply for a particular plan should not happen. reporter: so the web site doesn t ask you for the private information, but the health care hotline does. recent ap news said university of chicago poll found 58% of americans don t think the government is doing a good job at protecting their right to privacy so, harris, this feeds into all of those anxieties that people have. harris: a little while ago frank vallone of new jersey was saying utilize the web site in other ways to get your health care, but then they re writing them
the books to avoid taxes or other regulations. rich is with us know. the chief been the correspondent for u.s. news and world report. at it the worst kept secret in the nation there is an enormous underground economy where people get paid cash and don t get benefits. it s a cash world. some of that is a constant. we know about landscape workers and nannies and illicit operators like drawing dealers and bookies who work in the dark economy. but the speculation now is that this sector has ground largely because people who got laid off are now doing jobs where they get paid in cash or doing work around their enable and can even be professional type jobs. somebody who maybe used to work in the i.t. department and got laid off and is now fixing computers around the neighbor. there could be free lanceres-consultants. not all the jibes require you to get paid with a w2 form and a
now, in the theory you do have to worry about it. congress passed a law in 1989 that says personal use of a cell phone must be taxed like any other company fringe benefit. you re supposed to account for your personal calls to i mize all of them, but most employees and employers do not do this especially with those flat-rate calling plans today with so many minutes for one flat rate a month. most people think the law is outdated and a joke. i wouldn t probably have another cell phone because i just don t use it that much, you know? so it doesn t really i don t feel that that s taking any revenue out of the government. i do think it s something that needs to be repealed. it s not an expensive perk anymore. reporter: still, a few employers might include this on your annual w2 form, or they simply might just pay the tax for you. jon: has the irs really cracked down on this though? reporter: well, it did start about five years ago with more