Biden admin proposing to track transactions of bank accounts with $600 or more

That will lead to a big boost in regressive taxation. The little guy will have to report and pay taxes on a lot of transactions that used to be under the table or between friends. But the fat cats will still have their lawyers and their loopholes, so they will be largely unaffected.

Any tax experts know how this will apply to something like rent. If you pay rent and your roommates vemno or transfer you money will that be considered taxable. Do we need to be keeping receipts or a paper trail to show this money was not income?

The proposal seems to just be reporting on bank accounts over 600. It doesn't actually say if they will be reviewing transactions to see if they should considered income.

Here is the actual proposal that corresponds with the story. (Page 94)

https://home.treasury.gov/system/files/131/General-Explanati...