New plans to tax us into oblivion.

[Solus]

This is more than a 1% tax on income. 

At a minimum it would be 2% if you have  your income deposited in an account.  1% going in, 1% coming out.

It would likely be more if you continue to operate as you do now.

For instance, you have your check deposited to your savings account.  1% gone.  You transfer some to your checking account.  1% of that amount gone.  You write a check to pay a bill 1% gone.   So basically 2% of anything going into checking is gone.

So the only part that gets 1% is what goes into our primary account and NEVER comes out.

I bet if you try to avoid it by cashing a check and taking the cash without deposit, they will get 1% of that transaction also.

If those who vote for this survive their next election, which I'd do all I could to make sure they would not, it would become pretty attractive to raise the tax to 2% which effectively is 4% of income.

[PegLeg45]

Like TAB said, I doubt (hope) it doesn't happen....and if if does, do you think it could drive folks to abandon banks altogether and resort to a more localized system of cash only transactions...the way it was a hundred years ago? I still know folks in my wife's family that don't use banks at all (and never have, m-i-l for one) and use cash to pay for everything locally.

[Solus]

Like TAB said, I doubt (hope) it doesn't happen....and if if does, do you think it could drive folks to abandon banks altogether and resort to a more localized system of cash only transactions...the way it was a hundred years ago? I still know folks in my wife's family that don't use banks at all (and never have, m-i-l for one) and use cash to pay for everything locally.

Some overhead in time and mileage running the errands to pay for everything locally.  But it might be a good practice to follow for reasons other than avoiding this tax also.

[tombogan03884]

I use my employers bank to cash my check and do only cash transactions, If I need to mail money I use a Postal money order.

[Solus]

Don't know what a money order costs, but even if it is more than the 1%, it is still good to get out of the view of Big Brother.

But I would not be surprised if the hook money orders, etc, into this plan if it would ever pass.

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