'Why are they snooping on an average Joe over a $600 payment': Fury as Biden tries to let IRS SNOOP on your bank accounts, Venmo, PayPal and crypto deals in plan that could 'violate the Fourth Amendment'

* The proposal would require banks to report gross inflows and outflows to
the IRS from an account in order to target audits

* The IRS estimates that compliance on taxes due on wages is 99% while
compliance on 'less visible' sources of income is only 45%

* The plan would most especially affect the self-employed, who self-report
their income and deductions, and the wealthy

* Banks are largely against the proposal, which they say would impose
onerous reporting requirements on institutions for little benefit

https://www.dailymail.co.uk/ne....ws/article-9973671/B