The headline and article are misleading, the proposed requirement is to report annual inflows and outflows. Here is a better analysis... Biden Tax Plan Leans o

The headline and article are misleading, the proposed requirement is to report annual inflows and outflows. Here is a better analysis... Biden Tax Plan Leans on Banks to Help Find Unreported Income https://www.wsj.com/articles/biden-tax-plan-leans-on-banks-to-help-find-unreported-income-11619701380 https://www.wsj.com/articles/biden-tax-plan-leans-on-banks-t... >The proposal would require banks to report annual account inflows and outflows to the Internal Revenue Service. The requirement would also extend to peer-to-peer payment services such as Venmo but wouldn’t require individuals and businesses to report any additional information to the government, according to people familiar with the plan. Financial institutions already must report interest, dividend and investment income, and the IRS can get bank information during audits.