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First of all, this only seems to be a proposal for actions that the Treasury could take in the future.

The part about monitoring bank accounts appears on page 88 (the 94th page of the PDF document):

> This proposal would create a comprehensive financial account information reporting regime. Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600. ...

> Similar reporting requirements would apply to crypto asset exchanges and custodians. Separately, reporting requirements would apply in cases in which taxpayers buy crypto assets from one broker and then transfer the crypto assets to another broker, and businesses that receive crypto assets in transactions with a fair market value of more than $10,000 would have to report such transactions. ...

> The proposal would be effective for tax years beginning after December 31, 2022.

Does this in any fashion help pave the way to a more modern tax filing system whereby the government tells you what you owe without today's current labyrinthine filing process like other countries have had?

I guess papers and effects doesn't mean bank papers.

These people have virtually no interest in collecting taxes in comparison to their interest in creating criminals as a pretense for monitoring everyone.

Your papers please . . . .

Here's my proposal for taxes. Completely eliminate income tax and every other form of currently existing tax for individuals and businesses. Replace it with a small tax on all electronic transfers, like 1-2%. Compliance is offloaded to private institutions and the entire headache of preparing and filing taxes is eliminated, along with the thousands of pages of laws about and what is and isn't taxed and how much.

This should also result in a significant decrease in federal revenue, which is an important part of the plan as well. I would cut the federal budget about about 90%.