We all know that for months now the Biden administration has had grand designs for closely monitoring pretty much every single private bank account in the United States.

Well, the backlash to that plan was so strong that Washington Democrats have retreated to an alternative proposal, but frankly that one stinks too:

Democrats are trying to salvage the Biden administration's proposal to expand annual bank-account reporting to the Internal Revenue Service, fighting uphill against mounting opposition from the financial-services industry and Republicans.

Sens. Ron Wyden (D., Ore.) and Elizabeth Warren (D., Mass.) will detail an updated version of the tax-compliance plan on Tuesday that will include a $10,000 annual threshold before reports are required, according to prepared remarks from Mr. Wyden. That is an increase from the administration's broader floor, which would include accounts with at least $600 in inflows, outflows or transactions.

A "$10,000 annual threshold" is certainly better than a $600 one—sort of. The problem is, in either case, countless American citizens are still being treated as if privacy does not exist and as if the government has the right to surveil their finances without a warrant, indefinitely,.

That's not how our country works.

You are a citizen, not a subject. We are a limited constitutional government, not a monarchy or a dictatorship.

The "annual threshold" for this regulation should be $0, because it shouldn't exist in the first place.

Advocates should keep the pressure on Washington until they scrap it.