Mark my words - universal, electronic currency.
People avoid taxes by using cash, this kind of stuff is nothing more than reactionary by the government to try to capture the cash.
It's notable that there are "hidden" deposits by foreigners - meaning, the banks themselves are no more honest than the citizens. Don't mistake me, I hate paying taxes; and think that tax deductions are a sport... however, the moral lines gets really fuzzy when people come up with reasons to cheat their own, elected government
Tactics to avoid taxes are only reactionary by the citizens to try to avoid getting ******. Do we really need all this government and do they really need so much of our cash? The government isn't a moral authority and there is no moral obligation to pay tax.
Lemme see, 15 to 25% of my income goes to income tax. Another 7% goes to state sales tax for many things that I purchase. On top of that I pay approximately $10K a year in property taxes. There are also licensing fees for my business (another tax). It does not leave much for food, gas or cars.
My government is in my pocket and in my business more than they should be. I also hate the idea of being "tracked" with my spending so I use cash whenever I can.
Trust the .gov or the banks? No effing way.
And what about the bank exec's who make bad decisions and retire rich? That money is yours and mine yet we get screwed every day.
There is not much I can do about it except to try and minimize my tax liability.
Actually, you're quite a bit off - tax freedom day - the day that, if you add all your taxes up then divide by your income is actually in June. Here's the math:
Federal tax 20% of gross income after adjustments
State tax 9% of income spent on specific things
gas tax - 30% of money spent on gas (normally about 10% of a person's income is spent on gas)
property tax 5% of income (based on the average of a person who owns a home spends 5x their annual income on the purchase of a home)
Pass-through taxes (like B&0, taxes paid by businesses to stay in business) 20% of money spent... really.
so, 100k a year (for easy math)
20k feds
9k state
3k gas taxes
5k property tax
20k hidden-pass-through taxes
Total is 57,000 of ever 100,000 in salary is spent on taxes.
and let's not go to the new health care mandate.... that'll be another 10k at least.
so 57% of the year before you make any money
July 4th is actually the day you can come home and say "I'm not a slave to the government anymore" Keep in mind this is actually a low estimate because there's utility taxes and taxes like that (sewer, water) which aren't even on the list.....
and they want more.... and if you think, for one millisecond that the folks who get taxed more because their income is higher won't pass that on to you; I've got some "tax exempt" havens in the Bahamas to sell you
