BUT, the interesting part is this: Under the plan, banks and other payment providers would be required to tell the IRS how much money came into and out of individuals' and businesses' bank accounts each year. This new information would be useful to the IRS in determining who to audit when a business or individual has far more bank activity than their tax return and tax bill would suggest. (Source: https://www.wsj.com/articles/biden-to-seek-80-billion-to-bolster-irs-tax-enforcement-11619539465)
Hmm, but does this not collide with bank secrecy law though? They are going to peep with bank accounts of entities in order to gain information. But yeah, perhaps there is a difference between personal and business accounts, and in order to survive this plan of Biden's, you need to get an insanely good accountant to cover up your tracks. You can also try and deal with cryptocurrencies if you want, and the privacy it offers is way better than banks at this point.
With this, businesses would be incentivized to use cryptocurrencies to save thousands on their businesses rather than give it to the government.
