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Biden proposal mandates banks to track and report all transactions over $600

From a subscriber:

Hi Dylan,


if possible, please pass this on to Mark.  Biden has introduced a new proposal that mandates banks track and report any transaction over $600 (currently set at 10k).  He contends this will help bring in revenue, but this is all about control.  This is not where the true money is when it comes to tax-evasion.  A rep at my local credit union had no idea, and I asked her to tell her supervisors.  I think this is very important for people to know.


https://www.americanbanker.com/news/banks-consumer-advocates-unite-against-tax-reporting-proposal
The Treasury Department outlined a proposal in its recent budget request for a regime requiring banks and other financial institutions to report inflows and outflows in consumer accounts with more than $600.

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