Actually. Yellen proposed that every cash transaction exceeding $600 needed to be reported to IRS down from 10 thousand, which by the way hasn't be raised since started 1986 for financial institutions and 2002 for non financial institutions. Pay for a coat $601 cash there will be paperwork.
https://www.economicshelp.org/blog/42/inflation/economic-policies-to-reduce-inflation/ Author: Tejvan studied PPE at LMH, Oxford University and works as an economics teacher and writer. https://www.lmh.ox.ac.uk/prospectiv...ate/courses/philosophy-politics-and-economics
I mentioned that it cut off in 2015 and explained what happened afterwards. Rates stayed extremely low by historical standards then back to zero in early 2020. My point stands. We have a generation who has never heard of 6% mortgage rates or CDs that pay 4%.
Lots of fallacious economic nonsense under academic guise is published on the internet.. The latest popular economic fad being MMT(Modern Money Theory) and the old one that central bankers can revoke business cycles and prevent recessions
The income tax was originally marketed as only affecting the top 0.01%. Where I live, they passed a 1% income tax on all income above $200k. I hate that kind of tax because most of the population is exempt from it. Like "oh, yeah, let's help the homeless, but I don't want to pay for it, how about that guy, yeah, f*ck him, make that a**hole pay for it, not me!" and then they can still pat themselves on the back for helping the homeless even though all they did was force someone else to. Everyone should have some skin in the game, even if it's only a few bucks.
I agree completely. And you end up at a point where almost half the people don't pay income tax but still vote (no surprise they vote for candidates promising "free" stuff). And those at the highest levels of society pay very well either. When I say "highest levels," I don't mean your local doctor, business owner, etc., who often pay a LOT of tax. I mean the true elites.
Elon Musk, for example, would have to pay an additional $50 billion in taxes while Jeff Bezos would be on the hook for an additional $35 billion, Is 5 years the Government will own Telsa and Amazon Do they think these guys actually have this money...
This has little chance of passing and is mostly election year posturing. The democrats will be trying all kinds of things to keep from getting crushed in the mid-terms. Grab your popcorn.
Oh, but don't worry, if you pay the unrealized gains and the stock tanks before you get a chance to sell it, I'm sure they will allow you to write off $3,000 / year in capital losses. What a joke. Too many f***ing parasites.