Quote:
Originally Posted by MargaretR
The Greek debt was partly caused by tax avoidance/evasion.
People paid cash 'backhanders' for goods and services so that only part of the transaction was recorded for tax purposes.
Criminals operate a cash laundering system to conceal ill gotten gains.
I believe that these two misuses of cash may well be the reasons why, eventually, cash will be 'phased out'.
The abolition of cheques (delayed) was the first stage of the operation.
It may sound like a reasonable and sensible action to take, until you consider the implications.
Governments will know exactly how much you are worth,
where it is stashed,
how much you spend
and what you spend it on, both where and when.
This strikes me as rather intrusive.
Would you welcome 'the end of cash'?
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Indeed, hon, the underground economy is a major problem for govts. trying to collect taxes. And we all like the underground economy
Many don't even consider it illegal ... perhaps it is because we see the govt. wasting our tax dollars; so, why not keep it in our pockets and waste it ourselves
Problem is, the things we expect from govt. like health care, education, policing, ambulance, fire departments etc., etc., are paid for out of tax revenue.
And on the privacy issue: there might be ways around it. Laws protecting your financial records from scrutiny, unless there is probable cause, determined by a judge. (And in Canada, we have an independent judiciary which, according to polls, is trusted by the vast majority of Canadians).
I think there is a generational issue here too. Once folks of my generation shuffle off this mortal coil, the ones coming up behind us will be much more open to a plastic society.