Biden Tax Plan Leans on Banks to Help Find Unreported Income - WSJ

The proposal would require banks to report annual account inflows and outflows to the Internal Revenue Service.

This is a terrible idea. Banks already automatically report any deposit over $10,000, and have mechanisms for reporting suspicious groups of deposits just under the reporting threshold.

The IRS getting receipts from every bank account in America? This would be a massive intrusion on the privacy and an unfathomable data trove that would prove irresistible target for foreign hackers.