Yellen and Powell Asked About Minting a $1 Trillion Coin

The transcript covers a discussion on the proposal for minting a trillion dollar coin to address the debt ceiling, which is dismissed as not serious. It also debates a proposal for IRS reporting on accounts with transactions over $600, highlighting privacy concerns and the need to address the tax gap. The discussion emphasizes the importance of Congress raising the debt ceiling and the IRS focusing on high-income tax avoidance.

What is the estimated tax gap mentioned in the discussion?

What are the implications of the proposed changes for low-income individuals?