You've heard about this, but it's worse than many media reports admit. Rather than only lowering the IRS reporting threshold from individual transactions of $10,000 to $600, the reconciliation bill would impose IRS reporting on EVERY transaction if you have more than $600 in total transactions of any and every sort within a year. This covers every single American, for every single transaction. "Gross flow threshold" means any and all transactions, income and expenses. Starting every January, you'd get under the IRS microscope for the entire year with your first paycheck or Social Security payment, or your mortgage/rent payment, or just your routine payments for utilities, cell phones, groceries, prescriptions, insurance/medicare payments, transportation expenses, insurance and gas, etc.
Call your members of Congress at 202-224-3121 and tell them the reconciliation bill is an IRS spy warrant on every American and they must vote against it.
From the IRS: "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. Current income reporting by financial institutions would be expanded to all entities, including certain corporations. Interest payments would be included in the loan account reporting."
Read the whole draconian IRS document. This section is on page 88: https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf