The Importance of Cash Money

Discussion in 'Business & Economics' started by river, Feb 13, 2018.

  1. DaveC426913 Valued Senior Member

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    11,063
    It also means that the government - for which we can all thank for a operating society - gets a fair cut.
    Cash - without tax - is essentially cheating the government. (Granted, a lot of people don't see it that way.)

    I am astonished at how many people tell me I won't have to pay taxes if I pay in cash. I politely tell them I'm happy to pay the tax - and let the government know about the transaction.
     
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  3. river

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    Cash is about the absence of information . That is more to the point . Not just taxes
     
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  5. Gawdzilla Sama Valued Senior Member

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    Money is just the way we keep score.
     
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  7. sculptor Valued Senior Member

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    When I buy, tax is added to the purchase price.
    It ain't about the taxes, it's about privacy.

    About taxes:
    When I see frugality in government I am happy to pay the taxes.
    Unfortunately, that seems a rare occurrence.
    So-----------I pay anyway ...............
    Many years ago:
    While visiting a friend from a poor rural farming community I was impressed by their 50 year old snowplow truck.
     
  8. iceaura Valued Senior Member

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    28,353
    One of the major Parties in the US features a subfaction of politicians in leadership roles who have been trying - with occasional partial success - to restrict and regulate the ability of credit card companies to gather information and impose policy (such as no cash discounts) on retailers.

    The other major Party features no such faction, and the opposite preference: no restrictions on credit card companies or the deals they can make, no restrictions on what information they may collect and sell.

    This Partisan difference hit the news cycle recently with the Trump administration's process of gutting the Consumer Financial Protection bureau. https://www.investopedia.com/terms/c/consumer-financial-protection-act.asp
     
  9. sculptor Valued Senior Member

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    What do you buy for cash vs credit card?
     
  10. Write4U Valued Senior Member

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    Ideally, if you cannot pay cash you cannot charge on your credit card....

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    Just like you could not charge on your debit card.

    There is a saying; "becoming a victim of unrestricted credit" .....

    Please Register or Log in to view the hidden image!

     
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  11. sculptor Valued Senior Member

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    Years ago, I read an article about credit card companies.
    People like me were referred to as "deadbeats". Because:
    We have cards without annual fees, and always pay the bill on time, never incurring a finance charge. So, we have the convenience of the card, the convenience of their record keeping, and get to use their money interest free for the average of 2 weeks.(altogether, a rather handy tool if used judiciously)

    I cannot imagine living under the burden of high interest credit card debt.

    I recently had my diesel truck repaired and asked if the shop owner offered a cash discount.
    He did---though not much---still, a $345 bill was paid for with $320 in cash. (a savings of about 28% of a tank of fuel---or 2 gallons of chainsaw bar and chain oil, or a bottle of Ouzo...etc)

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    A friend of my beloved spouse will most likely die still owing money for school loans for her doctorate---she is a diabetic who has had 3 cancer episodes..(one treatment left her bald---which embarrassed her) .....we celebrate after each recovery...
     
  12. ForrestDean Registered Senior Member

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    364
    Oh whatever. Nothing would make me happier than to see the entire global monetary system come to a total collapse and disappear completely.
     
  13. Write4U Valued Senior Member

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    That is called being a "victim of unrestricted credit".
     
  14. RainbowSingularity Valued Senior Member

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    un-restricted credit companys & staff are like drug pushers selling outside schools while the school is in lunch break with all the kids running about.

    morally i consider them equal
     
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  15. Write4U Valued Senior Member

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    10,144
    Is it a wonder that individuals are trying to evade taxes on a few dollars, when they look at multi-million dollar companies, like GM who do not only have to pay no taxes at all, but in fact receive corporate welfare for all sorts of exotic write-offs, while the CEO receives a yearly bonus (for a job well done) by the millions, while his 60,000 p/yr secretary pays more on individual income taxes than that multi-millionaire CEO

    The game is rigged. Everyone cheats because it is rigged.
     
    Last edited: Jan 16, 2019
  16. sculptor Valued Senior Member

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    5,736
    not his
    Her
    General Motors Chairman and CEO Mary Barra had total compensation in 2017 of $21.96 million. The figure represents a decline from her 2016 compensation of $22.58 million.
    poor girl
    GM said Barra’s compensation was 295 times as much as the company's median employee.

    as/re the game is rigged
    And the new "battleground" is the pseudo petty partisan bickering. (people in the millionaire's club that is our congress
    It seems bizarre to me that so many fall into the "democrat vs republican" trap.
    Kinda like aligning with a sports team. "The bears are better than the packers, and all vikings fans are pussies." ra-ra
    Anything to divide us---ANYTHING
    and the dummies just go along
    mindlessly
    having chosen blissful ignorance over critical thinking
    .........................
    gee darn

     
    Last edited: Jan 16, 2019
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  17. iceaura Valued Senior Member

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    The "bothsides" schtick, in particular its repetitive use of false equivalence, is a standard partisan derived Republican media manipulation.

    You fall into that partisan trap routinely.

    The arguments involved are not - as you routinely claim - Democratic vs Republican: they are Republican vs reality, Republican vs validity, Republican vs scientific, and in general Republican vs everybody else.

    That is clear on this thread, for example, in which the Republican Party's agenda of setting up the US economy and financial system to prey on most people for the enrichment of its wealthy corporate support is a central matter. Mentioned in post 45.
     
    Last edited: Jan 17, 2019
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  18. billvon Valued Senior Member

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    I love this pattern.

    Democrats are in power - conservatives catalog all the lies, deceptions, evil deeds etc of democrats; demand change.
    Republicans are in power - conservatives claim "well, both sides are the same; no reason to choose one over the other."
     
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  19. sculptor Valued Senior Member

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    hooray for our side

    Do you really have a side?
    Are any legislators on your side?
    What do you want from your government?
    Have you ever had what you want from our government?

    If so
    What was that?
     
  20. Write4U Valued Senior Member

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    10,144
    ACA. Obama care, a decent medical insurance program, albeit short of a single payer program. It saved me from bankruptcy when I had heart surgery and spent a month in the hospital.
     
    Last edited: Jan 17, 2019
  21. billvon Valued Senior Member

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    15,232
    Yes. It's not necessarily the same as any particular political party, though.
    Many are, in some ways, yes. Ocasio-Cortez is on my side in terms of renewable energy development. Brian Schatz in terms of nuclear power. Mark Warner on gay rights.
    Good decisions on things that affect all Americans (like climate change mitigation, pollution regulation, spectrum allocation, airspace allocation and control etc.)
    At times, yes. The FCC has given us some of what I wanted in the form of spectrum allocations and ISM band definitions. The FAA gave me a pilot's license and a PRO rating. The defeat of gay marriage bans was something I supported strongly.
     
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  22. Write4U Valued Senior Member

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    IMO, cash is a demonstrable ability to pay for a purchase. Instead of entertaining the risk of extending credit, a cash purchase might well merit a discount.
    However the original declared value can still be reported as the "fair" market value and applied as an "expense".
    Saves a little tax, but hey,....every penny I make goes back into the economy anyway, where it gets taxed.

    What always amazed me is the fact that eventually every penny in the "dynamic" economy is collected by the government in the form of taxes, whereas "passive" income (always the rich) is taxed at a lower rate than when you belong to the "working" class and you spend blood, sweat, and tears earning that money, instead of sitting in a leather chair smoking a tax free 100 dollar Cuban cigar..
     
    Last edited: Jan 17, 2019
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  23. wegs Matter & Pixie Dust Valued Senior Member

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    3,411
    I never carry cash. If my credit or debit card is hacked, my bank will recover the funds for me. I suppose there is a privacy concern, but carrying cash has its hazards, too.
     

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