> ... compelling banks to share data on customer accounts, a move that requires congressional approval, would amount to just an initial step in narrowing the gap ... The IRS would need to figure out a way to use the information to decide which business owners to audit and what questions to ask them. The plan also includes billions of dollars for technology and staffing so the IRS could digest and analyze that information.
> One key prong of President Biden’s plan to bankroll Democrats’ $3.5 trillion budget plan is to monitor gross inflows and outflows from an individual’s bank account ... some are concerned that it might run up against the Fourth Amendment and those who can’t afford to fight tax audits or move their money into offshore accounts ... The proposal would require banks to report to gross inflows and outflows to the IRS, including transactions from Venmo, PayPal, crypto exchanges and the like ...
> ... compelling banks to share data on customer accounts, a move that requires congressional approval, would amount to just an initial step in narrowing the gap ... The IRS would need to figure out a way to use the information to decide which business owners to audit and what questions to ask them. The plan also includes billions of dollars for technology and staffing so the IRS could digest and analyze that information.
https://www.dailymail.co.uk/news/article-9973671/Bidens-plan...
> One key prong of President Biden’s plan to bankroll Democrats’ $3.5 trillion budget plan is to monitor gross inflows and outflows from an individual’s bank account ... some are concerned that it might run up against the Fourth Amendment and those who can’t afford to fight tax audits or move their money into offshore accounts ... The proposal would require banks to report to gross inflows and outflows to the IRS, including transactions from Venmo, PayPal, crypto exchanges and the like ...