For their part, Democrats need to be clearer about whom they're trying to go after with this reporting change. They say they want billionaires and corporations to pay their fair share, but those two groups aren’t the ones who are typically omitting income. They're taking advantage of loopholes in the tax code to minimize their tax obligations.
That's different and isn't something that increasing bank reporting to the IRS is going to change. Still, there are plenty of well-to-do business owners in the top 5% who are outright lying on their tax returns. Changing the reporting regime to fix that is something all dutiful taxpayers should want.
Alexis Leondis is a Bloomberg Opinion columnist covering personal finance. Previously, she oversaw tax coverage for Bloomberg News.