Now I Get What ‘Voluntary’ Tax Compliance Means

January 21, 2016

You volunteer to pay your taxes or they throw you in jail. Some choice. According to TurboTax the nature of our voluntary tax system takes the calculation of taxes owed out of the hands of the federal government. You are responsible as an individual taxpayer to calculate & pay what you owe.

cashless-societyAll that’s changing. The only question is how long till it affects us? The Chinese Central Bank announced yesterday (hat-tip Armstrong Economics) that it will issue a digital currency as soon as possible to

“reduce the high printing and circulation costs of traditional cash notes, make economic transactions more convenient and transparent, reduce money laundering and tax evasion, and strengthen the central bank’s control over money supply and circulation”.

There goes any semblance of voluntary compliance! China is not the only country going cashless. Today’s noncash payments’ share of total value of consumer payments:

  •   Sweden is nearly 89%
  •   Belgium = 93%
  •   France = 92%
  •   Canada = 90%
  •   UK = 89%
  •   Australia = 86%
  •   The Netherlands = 85%
  •   United States = 80%

So what’s the big deal?

  • Well it takes that voluntary aspect totally away from citizens. The Central Banks can now quite easily impose negative interest rates (NIRP). At least 4 European Central Banks already charge their customers to keep their money in the bank and Canada will announce NIRP today! When “cashless” is imposed they can do whatever they want because you have to use banks, credit/debit cards or checks to buy anything!
  • There’s no longer the danger of a run on the banks -you can’t take your money out, it’s all digital! This prevents citizens from hoarding goods or cash (for a rainy day, emergencies, economic collapse), facilitating redistribution of your wealth, however much it happens to be.
  • The govt can (will) track your every move and expenditure.
  • No need to worry about bail-ins like happened in Greece. Nor to stand in those long ATM lines to withdraw your 60 Euros/day ($65). The bank already has 100% of your money, and as of a couple of G-20 meetings ago ALL your deposits are unsecured, i.e., property of the banks. Same with assets in safe deposit boxes (bank property, not yours).

It gives the govt totalitarian control  over our money and therefore us. Of course it’s all done under the guise of convenience, to prevent tax cheats, money laundering and terrorism. But it will be the end of our freedom.

Aloha, Mikie ~just a blogger (fightin’ like a girl)

~Psst, tired of politics? Check out Travel in the Categories drop down menu (right side panel) for my blogs posted from interesting locations during my travel adventures.

She May Look Like SNL’s ‘Church Lady’, But This Broad Responsible for IRS’s Tea Party Malfeasance is Now Our Obamacare Enforcer

May 17, 2013
Sarah Hall Ingram -promoted to Obamacare IRS enforcer after abusing Tea Party

Sarah Hall Ingram -promoted to Obamacare IRS enforcer after abusing Tea Party

Lest anyone be impressed by Obama’s quick (okay, not so quick) dismissal of the “acting” IRS Commissioner Steven Miller, who later bragged that his assignment was to end in June anyway), you need to know that the person who was actually in charge of targeting conservative organizations as well as certain Jewish groups received over $100,000 in bonuses (hat-tip Drudge).

But there may be hope if Mr. “Thrill up my leg” Chris Mathews has second thoughts.

Watch this short video from Politico and see what I mean.

And here is what we should all tell our Senators and especially the House with a Republican majority (pathetic as they are):

There is an over-load of criminal activities being perpetrated on the American citizens BY OUR OWN GOVT Most of these will require a select committee with subpoena powers to investigate and prosecute the MANY guilty!

  • Benghazi cover-up leading to the death of 4 American
  • IRS illegally targeting political enemies
  • DOJ illegally sweeping of media phone data
  • The quiet resignation of former Hillary Clinton’s chief of staff, Huma Abedin due to her not wanting to disclosed lawfully required association with known terrorist group the Muslim Brotherhood
  • Continued financial crimes committed by the “Too Big to Jail” banksters
  • Sexual scandals in the military committed by person or persons put in charge of investigating sexual harassment
  • The serial trampling of our Bill of Rights and the US Constitution

And you can sh*t-can all your immigration plans because nobody with even a pea-brain trusts the government to do anything they say they will do!

Aloha, Mikie ~just a blogger (fightin’ like a girl)

American Olympic Athletes To Pay Taxes on Medals & Prizes Earned in London (and Other Interesting Olympic Tidbits)

August 1, 2012

I don’t know, maybe it’s because they didn’t build that Olympic Stadium or the roads leading to it, but American Olympians who win gold medals this year will face nearly $9,000 in federal income tax per medal, and silver medalists will pay a bit over $5,300. According to Americans for Tax Reform these hard-working athletes representing the United States face a top income tax rate of 35% even though I’d venture to say hardly any of them are millionaires or billionaires.

That’s a 19-medal smile!

Isn’t that beautiful?

Yes, sadly the USA is the last of the developed countries to tax income produced outside the country. Another good example of why we need comprehensive tax reform. Don’t try a do-over. It’s too screwed up. Do a flat tax a fair tax or maybe even the 9-9-9, but the current tax code stinks!

Other Interesting Olympic Tidbits:

  • The 1912 Olympic games in Sweden was the last time gold medals were made of solid gold.
  • It’s up to the host country to make the medals which are now alloys. London’s gold medals weigh just under a pound and contain gold, silver (92.5%) and copper.
  • Eight female badminton players (from China, Indonesia & S. Korea) were disqualified from the 2012 Olympics for intentionally losing early matches to draw easier opponents going forward.
  • Police recovered Tristan Gale’s 2002 gold medal from the Salt Lake City Games (skeleton-racing champion) at a local pawn shop a week after it was stolen in a burglary.
  • A gold medal from the 1980 “Miracle on Ice” hockey team was auctioned in 2012 for $310,700.
  • During the Opening Ceremony last week NBC censored out a 6-minute tribute to victims of the 2005 London subway terror attack victims cutting to a Ryan Seacrest interview with Michael Phelps.
  • Further emphasizing that Islamic terrorism does not exist, the IOC rejected repeated calls for a moment of silence at the London games for the 11 Israeli athletes & coaches murdered in 1972 in Munich (this is my first memory of Islamic terrorism 40 years ago).
  • Mitt Romney served as President of the Salt Lake City Winter Olympic committee UNPAID for 3 years and put the money-losing venture into the black.

Aloha, Mikie ~just a blogger (fightin’ like a girl)

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