Looks like Big Brother is getting even bigger and more intrusive. The Independent Community Bankers of America (ICBA) warns of a new IRS push for more data on bank accounts and transactions.
The proposal would require financial institutions to report information on customer bank accounts to the IRS. This would be an enormous burden on the community banks required to furnish this information and a breach of their customers’ privacy.
Specifically, the proposed fiscal 2022 budget would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600.
There's more at the link.
Think about it. That's likely to include almost every bank account in the country, because if your wages or salary are deposited into your account, its balance is likely to exceed $600 at least once every month. Bingo! - you've been caught up in this gargantuan data trawling net. Literally every deposit and every withdrawal - including every check you write, or every payment to a credit card, or every ACH transfer to pay a bill - will be scrutinized. That also gives the IRS - and, by extension, any other government department that wants it - the ability to build up a complete picture of your financial activity, down to your credit card transactions (for which you pay from your bank account, in the end).
Privacy? What privacy? Big Brother is watching you, whether you like it or not, and you'd better learn to enjoy it!