I don't think this has anything to do with finding tax evaders. It is control, pure and simple. One problem is people are misreading the $600 figure. I saw a few reports that say it is not individual transactions that are over $600, but if there is that much activity on the account in a year. The current law says a bank must report individual transactions over $10,000 or all transactions in an account that total that much in one day. The change is going to make it transactions over $600 or that total that much in a year.flechero wrote: ↑Wed Oct 06, 2021 9:05 pm They are going to get bogged down in looking over auto, rent and mortgage payments.... imagine an actual rich person- $600 is a nice dinner out or just a bottle of wine and 1 of what-10, 20, 50 ?? bills a month. What a losing proposition. I know some people cheat taxes but I don't think tracking $600+ bank transactions will fix much. Most of the time you write a check (yes I still use paper checks) you are buying a good or service that's already being taxed.
This much data can easily be cross-matched to show every person's connections to any other person. This network analysis allows them to control everyone and anyone they decide to.