The ‘Rats will try to find a way to tax it to death.
This is one of the reason they hate bitcoin. Every cent in and out of a bank is tracked. They can’t track bitcoin.
I am sure that is much practiced here, such as with scrape metal scavengers.
Black markets thrive under communism.
Anybody else notice that it seems more and more that the Obama regimes playbook was written by Ayn Rand, but the regime seems to believe that Eubanks, Scudder, Boyle, Mouch, and James Taggart are the “good guys?”
It’s almost as if they didn’t read the book all the way to the end...
Mark
Food is the ultimate currency.
WASHINGTON | Mon Apr 23, 2007 2:54pm EDT
(Reuters) - U.S. spending may have been lifted by close to 3 percent a year in recent years as owners tapped the enhanced values of their homes for cash, according to a paper coauthored by former Federal Reserve Chairman Alan Greenspan.
When the hell are we going to get back to a real economy?
Time for those aged 1960s Marxist-Alinsky campus radical, spoiled brats and their ideological issue to be kicked out of Washington!
Void the bowels of Washington, D.C.
I've not met a contractor in over two years who isn't willing to barter or work for cash. Barbers, hairdressers, dog groomers, landscapers, movers and handymen almost all put plenty of cash straight into their pockets with no paper work involved. I've even met a couple of dealership mechanics who make auto repair hose calls on the weekend.
Over 30 years ago, as a young, naïve, wet-behind-the-ears congressional staffer, I worked a set of oversight hearings on the underground economy. The learned estimate at that time was that 10% of the U.S. economy was off the books. And the U.S. was in the lower tier internationally; I recall that the estimate for Italy was 40%.
It is important to note that these estimates did NOT include criminal activities, which of course involve huge amounts of money. The estimates were for activities that were otherwise legal except for cheating the taxman. I presume that these current estimates are also for non-criminal, off the books work.
High marginal tax rates will produce evasion. This is an iron law of life. This is reason #684 for keeping rates low enough that it's not worth the trouble of cheating.
Growing underground economy = Going Galt.