Biden's Plan To Crack Down on Tax Cheating: Snooping on Everyone's Bank Accounts

In order to make sure the rich are paying their fair share in taxes, President Joe Biden says the IRS just needs two bits of information: all the money that goes into your bank account, and all the money that comes out.

That's how Biden pitched his plan for a more comprehensive financial surveillance state—all to catch those nasty tax-cheating rich folks, of course—during a speech from the White House on Thursday afternoon.

The plan "will give the IRS the resources it needs to keep up with the lawyers and...