Biden Tax Plan Leans on Banks to Help Find Unreported Income

Headline, biden tax plan leans on banks to help find un reported income. The proposal would require banks to report annual account inflows and outflows to the internal revenue service. Part of the funding for president byden's one point eight trillion dollar american families plan hinges on a beefed up reporting requirement for banks designed to identify unreported income. Requirement would also extend to purtipeer payment services such as venmo but wouldn't require individuals and businesses to report any additional information to the government.