Sounds like it would violate the 4th Amendment. The Federal Goverment has power to tax income, but it does not have power to tax account balances. They have no legal justification for confiscating this information.
Sounds like a Chicago P.D. tv show "sneak and peek" by agents of the government to circumvent the legal protections and requirements of the 4th Amendment.
If this were to become law, there should be provision that requires the publication of every account of every elected Federal official, their spouses, their children, their ex-spouses, their siblings, their romantic partners, their office staff, and any trusts of which they are a trustee of beneficiary ... that inlcudes Joe and Hunter Biden, and Hunter's crack dealer, stripper girlfriend of the hour, and art gallery that "sells" his work. Oh, and we can't forget the Pelosi's, the Warrens, etc. And another thing, don't forget those "loans" that they never have to pay back.
“The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.”
... not to mention the seizure of credit markets as people make runs on financial institutions to withdraw their funds.
On the bright side, the resulting decrease in circulating dollars, and contraction of credit markets, may help with inflation.
