“I suspect the $600 amount is because that’s the threshold where income has to be reported”
What do you think would be the point? To monitor someone’s income, and then see where the money goes? Seems like an awful lot of work. But it’s got to have something to do with Communism, creeping communism.
My first thought was catching people working under the threshold for 1099 reporting; if I do 2 jobs at $300 each, there’s no 1099 issued. But now I presumably have a bank account that had $600 deposited.
I know people working ‘under the table’ take cash, but in this day and age of the gig economy, a lot of people use Paypal/Vimeo/Google Pay/Zelle to pay other people. We’re becoming a cashless society so the only way to catch activity is through account monitoring.
Anyway, that’s my thought since it’s using the IRS.
Tax evasion.