[Yo-Yo]

Foremost, the reporting threshold will be raised to $10,000, addressing a key concern from critics who considered $600 to be too low to merit IRS snooping.

This does NOT change any concerns whatsoever. This is not a proposal to report a $10,000 transaction, which is already federal law.

This is to propose to allow the IRS to snoop on any account with $10,000 of activity per year.

Do you have your paycheck direct deposited into your checking account? Bingo, your account is now eligible for full disclosure to the IRS.

[Mouton]

This is not a proposal to report a $10,000 transaction, which is already federal law.

I believe that is a cash transaction, not all of them currently. In fact it extends to any unusual cash transaction.

The per year thing in this proposed law is BS IMO. The government here feels it is just lending you their money.
As far as I am concerned, the government can go FO.

[ding_dong_daddy_from_dumas]

This is to propose to allow the IRS to snoop on any account with $10,000 of activity per year.

I think this post is mostly correct, in that one version of the bill says 10K per year, but there are exemptions for deposits of "wages," however they defined that term.

But of course they will snoop at will no matter what the law says.

[WildHighlander57]

I take back what I said about ‘the reporting limit already being 10k so they backed off’.

[FamiliarFace]

$10K annually will still touch nearly everyone, including the lower class.