Not disagreeing with your above statement.. you'd have to look it up yourself to see how the banking one was written up.. but essentially it's a work around of the 4th Amendment so that the IRS could directly examine any persons bank activity without "probable cause"... because the "probable cause" is "any transaction over $600" that could be used to justify an audit...
That would never get abused...nope, not at all.
Found it... and if you think they won't try to sneak it in again.. LOL.. people need to wake the fuck up... seriously...
https://abcnews.go.com/Politics/bide...ry?id=80665505
"The Biden administration on Tuesday backed down on a controversial proposal to
direct the IRS to collect additional data on every bank account that sees more than $600 in annual transactions"
They're now trying for...
"Instead, the administration and Senate Democrats are proposing to raise the
threshold to accounts with more than $10,000 in annual transactions"
And it's not a single transaction... it would allow them to audit your bank accounts for anything you spend totaling over $10000 for the whole YEAR. Which is in effect everyone on mortgage/rent alone in a calendar year... hence, the result? IRS full access to everyone's bank account.
Nope.. they're not trying to control every aspect of an individuals life at all...