Re:Treasury Dept. Seeks to Track Transactions of Personal Ba...
by just_steve_h on Friday September 17, 2021 @03:06AM
(#28562172)
We would (almost) all of us be better off if we had a financial transaction tax, and the IRS focused on THAT.
[ Parent
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Re:Treasury Dept. Seeks to Track Transactions of Personal Ba...
by votepaunchy on Friday September 17, 2021 @07:18AM
(#28564011)
How would the tax be enforced on cash, or is the elimination of paper money a second-order effect?
Re:Treasury Dept. Seeks to Track Transactions of Personal Ba...
by ne0flex on Friday September 17, 2021 @12:25PM
(#28567385)
There is no doubt in my mind that the elimination of paper money is in our future. There are numerous articles about central banks developing their own digital currencies. Once that happens, say goodbye to any type of financial privacy or autonomy. I'm willing to bet that during times of economic slowdown, similar to China [1], the US gov't will put expiry dates on the dollars in your savings account in order to stimulate the economy, and people will defend that decision.
[1]:https://bfsi.economictimes.indiatimes.com/news/policy/digita...
Re:Treasury Dept. Seeks to Track Transactions of Personal Ba...
by adolph on Friday September 17, 2021 @07:56AM
(#28564383)
Inflation is the tax or negative interest rate on cash.
Re:Treasury Dept. Seeks to Track Transactions of Personal Ba...
by ocbyc on Friday September 17, 2021 @11:35PM
(#28573428)
Why spend all this effort on direct taxation, when they can print the tax. Plus, inflation acts as a proportional tax. The more dollars you have the more the tax effects you.
Re:Treasury Dept. Seeks to Track Transactions of Personal Ba...
by goatsecxkirk on Friday September 17, 2021 @07:30AM
(#28564142)
That's ridiculous. Why should I be taxed on every transaction? I get taxed when I make money and then everytime I purchase something/move money?