Biden admin backs down on tracking bank accounts with over $600 annual transactions
The Biden administration has backed down on a proposal to collect banking information on accounts with transactions over $600 per year.
abcnews.go.com
So now they are saying only accounts transacting $10k annually, excluding wages that are already taxed, will be tracked. Was $600 the big ask, and $10k their target all along? It's still bullshit. They should have to get a warrant to see bank records.
...but it's nice to see that hypothetically speaking keeping a shit wage slave job will provide cover for your side hustle
This still doesn't change the requirement for payment processors like Paypal or Venmo to report annual transactions totaling $600, so keep that in mind.