Without taking a stance on the "how it's supposed to work" claim, the US banking system is already regularly surveilling you for tax purposes without a warrant or any suspicion of a crime -- 1099s, SAR reports.

The IRS thinks it loses $600 billion in revenue annually from owed, but unpaid, taxes ("tax gap"). The Biden admin thinks they can recoup about $46 billion a year in owed, but unpaid, taxes just by adding this reporting measure -- without increasing tax rates at all[1]. This represents something like an additional 2.5% in tax revenue from individuals (which is about ~$1.7T annually).

If you don't illegally evade taxes, (1) this reporting is no threat to you, and (2) you should be mad at your underpaying neighbors who would pay more because of this surveillance program. And if you do illegally evade taxes, you should stop doing so.

[1]: https://home.treasury.gov/news/featured-stories/the-case-for...