I’ve never seen a better reason than this for Bitcoin.

The Biden administration has proposed requiring all community banks and other financial institutions to report to the IRS on all deposits and withdrawals through business and personal accounts regardless of tax liability. This indiscriminate, comprehensive bank account reporting to the IRS can soon be enacted in Congress and will create an unacceptable invasion of privacy. So, how does this affect you? If passed, the proposal would require financial institutions to report the inflows (deposits) and outflows (withdrawals) of $600 or more, on personal and business accounts to the IRS regardless of customers’ consent.

https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf?fbclid=IwAR3S0rZg4wnZAvShO2Y64ASfeXYkW6ERwHQtbeHXoFMSBoRasQiIuJ6El7A

submitted by /u/jondavidlay
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