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re: Spinoff: When do you think we will do away with hard/paper currency in the US?
Posted on 4/18/16 at 1:03 pm to slackster
Posted on 4/18/16 at 1:03 pm to slackster
quote:
Eliminate $100 bills and all of a sudden the 45% of households who do not pay taxes would be a bit lower.
They'll just use different denominations.
2
Posted on 4/18/16 at 1:20 pm to fr33manator
You are assuming that you will always have electricity to run the machines that process the cards. Hurricanes and other acts of nature have a nasty habit of affecting our modern habits.
Posted on 4/18/16 at 1:24 pm to fr33manator
quote:
They'll just use different denominations.
Not all, and that is the point. I don't know why this is hard to believe. There are many people who unknowingly help perpetuate tax evasion in this country. It is not a big deal for them to pay with $100s if they're buying a $5,000 boat, for instance. However, that person isn't as inclined to used cash when it requires 250 $20 bills, so they'll use a cashier's check or other instrument, and now there is a paper trail.
The elimination of some paper currency is going to happen in order to increase paper trails and discourage tax evasion. The government will do so as soon as electronic currency or other cashless transactions become mainstream enough to minimize the backlash of such a proposal.
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