I just happened to be scrolling on through my social media and had came across an article speaking upon the upcoming plans that President Biden wanted to have happen in response to COVID-19 affecting homes and the different economic classes by setting a preposition to supposedly help rebuild and regain financial stability. Sounds good to be true upon getting back to your feet and being financially better, but something was a little fishy within this "rescue plan."
This supposed rescue plan proposed by Biden would give the IRS permission to know and regulate bank accounts transactions who hold over $600. Hearing this had made a question pop into mind saying, "Isn't this an invasion to personal space and private property?" The money that we own and have saved, and even the transactions that we make by choosing whatever we wanted to buy, whether it being personal ort for business, the thought of it being regulated by the IRS given through the permission to do so makes this feel tyrannical. Tyrannical because this gives the federal government to snoop around on all the things we use from crypto currency and spending in general, wouldn't that be the invasion of privacy and the rights we have as individuals? So my initial thought is asking truthfully if this is a rescue plan or a leeway to losing rights of privacy.
https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf
What you said is very insightful! I actually was unaware of what Biden was doing about COVID-19 affecting homes and the different economic classes, but it certainly sounds like an invasion of privacy. After all, every citizen deserve their rights and personal money (and lives) to be kept away from government. It also seems to me that Biden is trying be taking small steps towards a government that our founding fathers never intended for. But anyhow, I like how you incorporated economics with this problem as there could be other solutions our president can take action to.