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No, not at $600, nor $1000 or $1M. There is no safe number. Once you let them start, they will drive that number down to zero - where every transaction is monitored. It'll be an excuse to grow the IRS. They'll claim they are trying to combat "structured" payments or transactions - where someone breaks up a big transaction into smaller ones to avoid just such monitoring. Faced with that, and the move away from traditional cash/credit payments, they will drive to monitor every single transaction. So no, just no.

We used to respect privacy in this Country. We used to value freedom and liberty, and accept responsibility as a necessary consequence.

There is no safe number.

Bears repeating. That data is for monitoring much more than taxes, and they intend to control much more than that. Oh, did you want to have a cheeseburger for supper? Sorry, we can't let you buy one - it's outside your allowable carbon footprint. If this sounds ridiculous, it isn't, and it isn't the future, it's the present. Check out the Doconomy credit card and consider that the CEO of the Swiss company inventing the software has announced she intends it to be mandatory for everyone.

Yes, this would be a planned economy such as the ones that turn first-world countries into third-world ones. It's all in the name of equity. You will own nothing and be happy.