The Biden administration wants to give the IRS more surveillance power, supposedly in the name of stopping tax evasion. But the plan is unclear and has met with major opposition.
First, the proposal is vague on what would actually be monitored. CBS News reported on Oct. 14 that bank accounts with $600 and individual $600 purchases could be monitored. There was an understandable backlash against the $600 threshold, and it was raised to $10,000.
But what exactly does the threshold mean?
Does it mean that any account with at least $10,000 will have all its deposits and withdrawals monitored? Does it mean that any individual withdrawal or deposit of at least $10,000 will be monitored? Or does it mean that you will be monitored if all your withdrawals and deposits add up to $10,000 in the course of a year?