Under Biden's American Families Plan will gives IRS the power to monitor your Bank and Investment Account.
The American Families Plan calls for banks and other financial institutions to report more than just a taxpayer’s interest earned, capital gains and losses. Banks and other financial institutions would also be required to report “aggregate account outflows and inflows.” In other words, the IRS will know about all of your bank accounts, whether you earned income on that account or not, how much is in the account in a given year, and how much was transferred in and out of the account.
[Source](https://www.forbes.com/sites/irswatch/2021/04/28/banks-will-be-required-to-report-account-balances-account-outflows-and-inflows-to-irs-under-new-biden-plan/?sh=48d8a34712bf)
https://www.reddit.com/r/StockMarket/comments/n4c811/under_bidens_american_families_plan_will_gives/
