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 Replies: 25 / Views: 3,036 |
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Pillar of the Community
 United States
2917 Posts |
Quote:
Hide the money in the microwave. I prefer the washing machine, but that's just me.   CRH Nickeloholic. 1,600,000 nickels searched in eight years! Have found FOUR complete Jefferson sets!
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Bedrock of the Community
Australia
21788 Posts |
Since the report limit is $600, I am reasonably certain that it won't make any difference to CRH'ing.
In the Australian experience $70 million was lost to scammers in 2020. To my way of thinking, that is not tolerable. The banks couldn't care less how you manage your personal security; not their problem.
For that reason, I have ceased using credit cards, and only rarely use debit cards.
With covid-19 inducing banks to encourage the use of cards, my response is to increase the size of my cash float that I store with my coin collection in a rather secure safe.
It will also force the increase of Bitcoin transactions, for those who like to pay digitally.
Such a reaction will only make more difficult for tax authorities.
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Moderator
 United States
189502 Posts |
Quote:I prefer the washing machine, but that's just me.  |
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Pillar of the Community
 United States
8938 Posts |
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It will also force the increase of Bitcoin transactions, for those who like to pay digitally. BTC is too expensive for most day to day transactions (in terms of gas fees and wallet fees), Tether would be better, but I digress. |
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Pillar of the Community
United States
2917 Posts |
Doing a little follow up here... From looking at reports, the vast majority I'm seeing are saying that they will indeed be tracking each and every individual transaction of $600 or more. I've seen a lot of talk of people pulling their money out of big banks as a consequence of this pending legislation. And to make matters worse, they're now proposing an 8 cent a mile tax on driving. For someone who drives 12,500 miles in a year, that would be an extra $1,000.  CRH Nickeloholic. 1,600,000 nickels searched in eight years! Have found FOUR complete Jefferson sets!
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Bedrock of the Community
Australia
21788 Posts |
How does the IRS catch up with those who buy/sell using Bitcoin, through a VPN?
Looks like a wide open door for scammers and drug dealers, to my way of thinking. Methinks Al Capone would never have been caught.
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Pillar of the Community
United States
819 Posts |
@ John777
Don't do that they may come after you for money laundering. Lol
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Moderator
United States
189502 Posts |
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I've seen a lot of talk of people pulling their money out of big banks My local credit union has served me well over 35 years now.  |
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Pillar of the Community
United States
4333 Posts |
@chipjones.ha ha ya beat me to it.good one!
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
3475 Posts |
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"Under the measure, the banks would report only the total inflows and outflows, but no details on individual transactions." This is how change begins. Inflows and outflows today, every detail soon to follow. The government is a hungry beast and they need to track every transaction to be sure they get their "fair share". |
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Replies: 25 / Views: 3,036 |
First Page
Posted 09/18/2021 02:28 am
