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Critics of the proposal have incorrectly suggested that the I.R.S. would be tracking information about individual transactions. The administration has said the I.R.S. would not monitor specific customer transactions but instead use the account information to spot discrepancies between it and what individuals reported on their tax returns.

“Banks and their wealthy clients are outright lying, saying they would see individual transactions, and Republicans are backing them up,” Ms. Warren said.

The Biden administration insists that audit rates for those making less than $400,000 would not go up and that the program was focused on collecting unpaid taxes from the rich.

But Republicans, who have expressed distrust of the I.R.S. for years, continued to criticize the proposal as an invasion of privacy. It is familiar ground. In the 1990s, Republicans orchestrated well-attended hearings on I.R.S. abuse that portrayed the agency as out of control. In 2013, Republicans accused the I.R.S. of targeting conservative groups, although the political targeting crossed party lines.

“Whether it’s $600 or $10,000, under this proposal, the intimate financial details of everyone in this room — at a minimum, of every American who has a job — will be turned over on a daily basis to the I.R.S.,” Senator John Kennedy, Republican of Louisiana, told reporters, despite the proposal’s exemption of payroll deposits. “What could possibly go wrong?”