Illiquidity dangers - Italy lowers cash transaction limits.

Discussion in 'Economics' started by wilburbear, May 24, 2010.

  1. Depends how this is going to work / not necessarily the same thing but we have a new limit.

    $600 for us.


    In the health care bill.

    Starting in 2012, All business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing. That means obtaining the taxpayer ID number of the individual or corporation you're making the payment to -- even if it's a giant retailer like Staples or Best Buy -- at the time of the transaction, or else facing IRS penalties.
  2. Countries are beginning to protect themselves. Individuals should too. In whatever way you can.
  3. C6H12O6


  4. Zerohedge ignorant ? NEVER EVER !!!!!:D :D :D
  5. C6H12O6



    I'm afraid zerohedge's readers are like him...
    There are 113 comments over there, frankly I don't have the stomach to read them :D
  6. zdreg


    it has nothing to do with the decline of the Euro or that Italy is bankrupt.
    the sun rises in the evening.
  7. Daal


    Is this for real?I remember Henry Paulson going to congress and saying this measure was considered extremely costly and unworkable and they decided to scrap it
  8. I don't know if this is on or off but the annoying part is it is on the table, maybe to test the reaction.

    Congress talks in billions and now trillions and we have to deal with reporting 10k cash transactions and maybe $600 transaction, pennies in the scheme of things yet somehow this is very important.
    #10     May 25, 2010