Will Banks Have To Report All Transactions Over $600 to IRS Under Biden Plan?

Claim: The Biden Administration’s American Families Plan proposes that financial institutions report all transactions from personal and business accounts except those below $600.

Rating: Mixture

What's True: According to the proposed American Families Plan, banks would “report gross inflows and outflows” for all business and personal accounts to the Internal Revenue Service (IRS), “with the exception of accounts below a 'low de minimis gross flow threshold of $600 or fair market value of $600.'” But ...

... this does not mean all individual transactions above that threshold would be reported....