While they may catch several “outliers”, they WILL cause a fully functional, widespread black cash market, and a barter economy will become more commonplace. As stated in the OP, income as well as outgo will be compared. I believe the government is doing this mainly because of bitcoin popularity, and they can’t stand not being able to tax it. Also, if you use a computer or US Mail, You have used an electronic communication device in the commision of a crime, using the mail service to commit interstate crimes, bank fraud, possibly RICO violations, etc. They will make something stick, even if it’s not applicable.

Understand they are talking about all of your transaction in and out if your balance is over $600!!!

Thank slutosi and Schumer.

The $600 is the limit for receiving a 1099 anyway so that's where the dollar amount of $600 came from.

They are trying to tax you if you sell something on our own Aldeer's Classifieds over $600. That's the play. Facebook, Ebay, etc. If you make a $600 deposit they want to know where it came from.

They will weaponize this against conservatives. Stay tuned.

Where are the Republicans again? Where is the outcry? That's right Mitch is at home in KY checking his wife's bank account.

So from the two articles posted above the $600 limit is basically being put on e-commerce companies that allow people to make money like EBay, DoorDash and Instacart.

The second article says that the IRS does want access to everyone’s bank account and that’s spooky as crap

Yes, the current threshold for receiving a 1099 from companies like PayPal and EBay is 200 transactions AND $20k in volume. The effort is to move that to $600 and you get a 1099 and have to account for that on your tax return and prove profit /or loss. So; if you decide to have an "online" garage/estate sale, it could get complicated. Most significant entities( Ebay, Gunbroker, Facebook Pay on Marketplace, etc) are already collecting sales tax.
The bank account access is the really scary part.

this is gonna turn me in to a criminal.

i logged in to my ebay account recently to list some equipment for sale. i can`t sell until i enter my ein or ss#. ebay can pound sand.

i assume stores will stop accepting cash at some point which will assist in furthering their agenda.

Was talking with my bank the other day and they said the 10,000 rule is old

they must report any deposit 3000 or greater!

That's kind of the way I read it. It doesnt really change the rules, it simply encompasses a lot of these new jobs that the pandemic has created such as door dash and such.

I recieve multiple 1099's each year from vendors that offer rewards for selling certain items. Any time I earn $600 or more in a year, i get a 1099.

The IRS may not be notified now by your bank for $600 + transactions , however, if they wanta snoop on you bank account they can.

And take complete control of it 😀

I don’t know how many taxes go uncollected due to inaccurate reporting by small business in this country but I would guess it is in the hundreds of billions.

They will pick and choose whichever businesses they dont like.