€1000 is an awfully low threshold.
Most of my transactions above that limit in the past years were recorded in (publicly available!) ledgers anyway: e.g. buying a car or house.
Whether the limit should be €1k or €5k could be debated and you could reach different conclusions in different countries depending on whether that's the cost of an average bicycle or an average home.
When my father worked only a very tiny minority payed the maximum income tax rate (talking for Germany). Nowadays everybody in the upper middle income bracket does.