I admit bias on this subject; to me, cash is sinister. I have told tradesmen to move on when they started to suggest "could you get me some cash?".https://www.google.c...cash-1472137692
Paper money fuels corruption, terrorism, tax evasion and illegal immigrationso the U.S. should get rid of the $100 bill and other large notes.
When I tell people that I have been doing research on why the government should drastically scale back the circulation of cashpaper currencythe most common initial reaction is bewilderment. Why should anyone care about such a mundane topic? But paper currency lies at the heart of some of todays most intractable public-finance and monetary problems. Getting rid of most of itthat is, moving to a society where cash is used less frequently and mainly for small transactionscould be a big help.
There is little debate among law-enforcement agencies that paper currency, especially large notes such as the U.S. $100 bill, facilitates crime: racketeering, extortion, money laundering, drug and human trafficking, the corruption of public officials, not to mention terrorism. There are substitutes for cashcryptocurrencies, uncut diamonds, gold coins, prepaid cardsbut for many kinds of criminal transactions, cash is still king. It delivers absolute anonymity, portability, liquidity and near-universal acceptance. It is no accident that whenever there is a big-time drug bust, the authorities typically find wads of cash.
Cash is also deeply implicated in tax evasion, which costs the federal government some $500 billion a year in revenue. According to the Internal Revenue Service, a lot of the action is concentrated in small cash-intensive businesses, where it is difficult to verify sales and the self-reporting of income. By contrast, businesses that take payments mostly by check, bank card or electronic transfer know that it is much easier for tax authorities to catch them dissembling. Though the data are much thinner for state and local governments, they too surely lose big-time from tax evasion, perhaps as much as $200 billion a year.
I simply wanted a forum topic where both sides of what almost is a social issue can be discussed.
I can recall an issue a few years back when I was in San Francisco on business and employer said "you are out there for the duration". This guy, co-worker of sorts, said he'd takee around to see some sights. He did; I thought it appropriate to pick up the dinner check. Here it comes and to which I added a tip to my American Express. He says "can I catch the tip?". "It's all on the card" and I showed to him. "How do you know he will get it?". "He picked up the payment; he will get it
AND he will pay his taxes on it".
"Well, that's the best reason why I give my tips in cash".
End of dialogue.
Edited by GBNorman, 05 June 2018 - 07:08 PM.