Banks allow members to pay with time, not cash

Discussion in 'Economics' started by peilthetraveler, Jun 3, 2010.

  1. At some point the IRS will have a problem with this.
  2. S2007S


    Their labor is valued equally: One hour is always worth one time dollar. (Time dollars are not taxable, according to Time Banks USA.)

    Says that their labor is valued equally, that right there would cause many problems.

    Lets say Bill cuts hair and Paul is a plumber, everyone knows how much plumbers get to come out and fix a stoppage, they get about $125+ for only minutes of work. Now Bill cuts hair, average price of a haircut now a days is around $12-$20 give or take. Now how can you value this labor equally.

    There has to be a guide on certain services and how they are valued. You cannot value certain skills equally.
  3. 4EXJOE


    Barter exchanges have been around for some time. These events ARE taxable and the barter exchange will send you a 1099 at the end of the year.

    The best way to use these things is to find something that you want, then do the appropriate amount of work to pay it off.

    There's a ton of crap on these things so if you are a plumber you will always be in high demand, but you might have a hard time finding things that you want/need.

    Always ask to see who the other members of the exchange are before joining or offering services. Once of the best uses is hotel rooms...
  4. nickdes


    IRS, will have the final word on this!!!!!! : )

    I know first hand how terrible and ruthless these scumbags are...
  5. So if i own a house & a grocery store, I employ someone and pay them in time dollars, then rent them my house in time dollars. I now have the ability to not pay their health insurance or abide by min wage laws because they are being paid in time dollars. Not to mention, the employee doesnt have any federal or state taxes to pay and no SS tax to match. Now I have more money to buy more houses that I can rent out in time dollars to more employees.

    Yeah...its looking more and more like slavery to me.