What's in Biden's plan for the IRS to monitor nearly every American's bank account?

The Biden administration has laid out a deeply controversial plan to crack down on wealthy tax evaders by giving the Internal Revenue Service additional scrutiny over most Americans' bank accounts.

Under the proposal, banks, credit unions and other financial institutions would be required to annually report customers' account deposits and withdrawals of $600 or more to the IRS. Individual transactions would not be listed. The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.

Treasury Department officials have said that fears of increased audits on middle-class Americans are unfounded, after the Biden administration promised to not increase audits on anyone earning less than $400,000 annually. 

"The proposal involves no reporting of individual transactions of any individual," Treasury Secretary Janet Yellen said this week during an interview on CBS News. "If somebody reports an income of $10,000 and they had $3 million go out of their checking account, that tells the IRS that's an individual you might audit."