It'd be a cancerous piece of regulation that would lead to almost everyone being "audited" (read: sent a letter from the IRS demanding that they owe additional taxes unless they magically prove to the faceless bureaucracy that it wasn't income).
E.g. my spouse and I have separate bank accounts. It's common for us to cut checks back and forth depending on who's making big ticket purchases. I'm certain a couple like us would be harassed by the IRS over this as "unreported income" despite us already paying taxes on it.
Same deal with pooling money to buy presents for relatives. "You received a couple hundred bucks each from your siblings to collectively buy something nice for your parents? Prove that isnt income!!1!!"
Same deal for kids with a bank account. Grandparents gifted them some money to save towards their first car? If their bank account is over $600 be prepared for the IRS to flip its shit over a minor with no income not filing a tax return because they have a modest bank account from non-taxable gifts.
All this means is that people who have half a brain cell will not keep money in a bank account.
It's a Catch-22. If you keep money in a bank account, Biden's goons would falsely accuse you of undereporting income. If you dont keep money in a bank account, you run the risk of govt goons stealing your money under unconstitutional civil asset forfeiture policies and drowning you in SARs every time you deposit cash to make large purchases or investments.
I feel like barter and smaller purchases may become a thing.
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