We have a law that any cash transaction over $10,000 must be reported to the IRS. This was passed sometime around 1990 to catch "drug dealers". Since the law was passed the price of most things has at least tripled, but the 10K threshold still remains the same. Give it a few more decades and if your still able to use cash, merchants could be reporting a trip to the grocery store to the IRS. Why would the merchant report you? It's a felony not to report any cash transaction over 10K. I wanted to puke every time I had to report someone to the IRS. Many of those I reported had been stashing cash over a long period of time, saving up to make a large purchase. Some were small business owners from minority communities. I can't remember anyone giving off a drug dealer vibe.
That's a good point about the 10k law. I wonder how many "drug dealers" it caught, lol. The problem with blockchain currency is that I think there's a record for every transaction. No more reporting anything. They can just search the block chain. But you also raise a good point about the reason for the law. That's how digital/blockchain currency tied to your phone could be sold to the American people as a crime and or terrorism prevention tool.
It is even worse. Try going to the bank to get 5 $100 dollar bills to give one to each of your grandchildren. They ask you to fill out a form to record receiving that much money in hundreds. Now I go get them one at a time...
We have a law that any cash transaction over $10,000 must be reported to the IRS. This was passed sometime around 1990 to catch "drug dealers". Since the law was passed the price of most things has at least tripled, but the 10K threshold still remains the same. Give it a few more decades and if your still able to use cash, merchants could be reporting a trip to the grocery store to the IRS. Why would the merchant report you? It's a felony not to report any cash transaction over 10K. I wanted to puke every time I had to report someone to the IRS. Many of those I reported had been stashing cash over a long period of time, saving up to make a large purchase. Some were small business owners from minority communities. I can't remember anyone giving off a drug dealer vibe.
I maybe a little naïve.
That's a good point about the 10k law. I wonder how many "drug dealers" it caught, lol. The problem with blockchain currency is that I think there's a record for every transaction. No more reporting anything. They can just search the block chain. But you also raise a good point about the reason for the law. That's how digital/blockchain currency tied to your phone could be sold to the American people as a crime and or terrorism prevention tool.
It is even worse. Try going to the bank to get 5 $100 dollar bills to give one to each of your grandchildren. They ask you to fill out a form to record receiving that much money in hundreds. Now I go get them one at a time...
not sure of your bank-- I have no problem at mine
things that never happened. atms dispense 100s
Actually I think it’s only $3000 according to my credit union.