Biden back down on tax proposal

[NPT]

I've never completely understood how it was supposed to work. If it wasn't handled correctly the normal person would be caught in a trap of having to explain all of their transactions. It's not unusual for me to move more than $10,000 in and out of our checking account. What about a gift.... I normally send our daughter birthday, anniversary, etc gifts using Zelle.

Biden admin backs down on tracking bank accounts with over $600 annual transactions

The Biden administration has backed down on a proposal to collect banking information on accounts with transactions over $600 per year.

abcnews.go.com

 

[Aloha Hoosier]

I've never completely understood how it was supposed to work. If it wasn't handled correctly the normal person would be caught in a trap of having to explain all of their transactions. It's not unusual for me to move more than $10,000 in and out of our checking account. What about a gift.... I normally send our daughter birthday, anniversary, etc gifts using Zelle.

Biden admin backs down on tracking bank accounts with over $600 annual transactions

The Biden administration has backed down on a proposal to collect banking information on accounts with transactions over $600 per year.

abcnews.go.com

Ridiculous idea. I do many times that in transactions every year.