Andy field - ABC News - Wide-spread criticism from Republicans and the banking industry has convinced the Biden administration to back down on its proposal to collect information on all bank accounts with more than $600 in annual transactions.
Instead, the administration and Senate Democrats are proposing to raise the threshold to accounts with more than $10,000 in annual transactions, and normal wages will be exempted from that total. That means if you receive typical paychecks, from which federal taxes are already deducted, that money won't count towards the $10,000 threshold. Recipients of federal benefits like unemployment and Social Security will also be exempt.
See omnystudio.com/listener for privacy information.