For many taxpayers, the IRS already collects too much personal information, but it's the law. Yesterday, President Biden announced he wants the Internal Revenue Service to see the activity of your bank accounts. What he promoted as a means of making sure the super-wealthy "pay their fair share" will also affect anyone who has $600 or more in their bank accounts. The President explained "It would ask just for two pieces of information." "The amounts that come into their bank accounts and what amounts go out of their bank accounts."
Joe Biden explained this will make sure the wealthy are unable to hide what they're making. According to IRS Commissioner Charles Rettig, Biden's American Families Plan would make financial institutions responsible for reporting activities of any business or personal account with $600 in it. That is far more middle-class Americans than billionaires.