What's inside the Treasury's proposal to track nearly all bank accounts
CBSN
As part of President Joe Biden's plan to crack down on tax evasion by the wealthy, one proposal has proved incendiary: A plan to require banks to report to the Internal Revenue Service several new pieces of information from U.S. bank accounts. It has drawn condemnation from the finance industry and some lawmakers, while stoking fears among ordinary Americans that the government plans to monitor their day-to-day spending.
Under a Treasury proposal issued in May as part of the agency's budget request, banks would be required to note how much money went into and out of an account, excluding any account with less than $600 in flows annually or whose balance is under $600. Individual transactions won't be listed, and officials have said it will not lead to more audits of middle-income Americans.
Despite this, the proposal is still the subject of heated negotiation in Congress. Here's what's included in the plan — and what's not.
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