Make no mistake. This is about "legalizing" the IRS as a political weapon against their political opponents!-----The $10,000 IRS Tax Dragnet - WSJ

The $10,000 IRS Tax Dragnet - WSJ

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  Treasury wants to snoop on bank accounts to trigger more audits.

"...This week Senate Democrats backed by the Biden Treasury released a revised proposal that raises the threshold for financial institutions to report to the IRS on individual accounts to $10,000 from the previously mooted $600. 

...Democrats say banks will only have to report total annual inflows and outflows, not discrete transactions. 

But nearly all Americans spend more than $10,000 a year.
The real political goal here is to create a mechanism for triggering audits—probably through an algorithm—so the IRS can rifle through all of a taxpayer’s business and other financial records...Read all.