President Biden has proposed that all personal bank records be turned over to the IRS every year. Really.
Specifically, the annual return would report gross inflows and outflows on all business and personal accounts from financial institutions, including bank, loan, and investment accounts but carve out exceptions for accounts below a low de minimis gross flow threshold
Source: The-American-Families-Plan-Tax-Compliance-Agenda.pdf
These rules would also apply to Paypal and other personal financial transactions.
Businesses would also have to report transactions conducted in cryptocurrencies.
Do benefits outweigh privacy concerns?
How do you feel about that in terms of privacy issues?
What would be left of privacy? Should all of our lives every moment and activities be forced shared with other entities?
