I am not a fan of the all-seeing IRS. $600 annual flows is everything, and even the revised $10k total annual flows is not targeting significant tax-evasion. Banks already have a significant KYC burden. They have to report all transactions that are $10k or more or any suspicious series of transactions of ANY amount. This is going to make banking cost more, and people with less money will pay a larger share. When the IRS audits poor or middle class people, it is a nightmare, and the onus is on them to get the IRS off their back. When rich people are audited, they have people work on it for them. I am willing to bet that this IRS proposal is the result of some machine-learning reconcilliation software contract designed to give the US government total financial awareness. We are fast-approaching a government that knows everything we do. I pay my taxes. Taxes are necessary. If the politicians gave a shit they would destroy Turbotax by letting most Americans file automatically.