I have to unfortunately withdraw my comment sharing my equal disappointment over this news after doing more research. The meme is incredibly inaccurate on two very important fronts.
The meme claims that the IRS is going after everyone's bank account that is under $600.
1. It's actually for OVER $600, not under as the meme claims.
2. It's for individual transactions not for total account earnings.
"Congress is out of town but the debate over Democrats' massive reconciliation spending bill continues, including over one provision that would require banks to report the inflows and outflows of any account with more than $600 in activity per year to the IRS."
https://www.foxbusiness.com/politics/irs-surveillance-brookings-r-street-heritage
Furthermore, these transactions are meant to specifically target online transactions, which makes sense, as online payments have remained a viable way to avoid paying taxes. Not just in the sense that it was legal; but rather in the grossly obsolete idea that online transactions are only for minor payments.
While it's definitely unfortunate for people who are not fond of taxes in general - without these kind of measures, it can potentially lead to benefit those who evade taxes specifically for criminal purposes.
Caption this Meme
