Biden's government greed and invasion of privacy

 Epoch Times:

...

“This is going to be a massive invasion of financial privacy,” Merski said. “The last thing we need is everyone’s financial account information being turned over to the IRS in a massive dragnet.”

Merski is referring to the Treasury Department’s proposed plan (pdf) to require financial services companies to track and submit inflows and outflows from every bank account above a minimum threshold of $600 during a year to the Internal Revenue Service (IRS), including breakdowns for cash. That would be down from the current threshold of $10,000.

Treasury Secretary Janet Yellen has said that the reporting requirements would reveal “opaque income streams that disproportionately accrue to the top” and that the measure would help catch wealthy tax dodgers, according to a letter she wrote in September to House Ways and Means Chairman Richard Neal (D-Mass.).

“These information reporting provisions will make use of information financial institutions already know to help shed light on taxpayers who evade their tax obligations,” Yellen wrote.
...

It looks like it will capture house payments are rental payments and car payments for much of America.  Only the interest on the mortgage is deductible.  Normally the government needs a court order for this kind of invasion of privacy.  It is also likely to pick up child support payments from divorce decrees and other payments to the former spouse.