MONEY: Why are “savings” taxed at all?

Wednesday, October 2, 2024

https://www.cato.org/blog/penalty-american-savers-how-usas-fix-it

September 26, 2024 9:44AM
The Penalty on American Savers and How USAs Fix It
By Adam N. Michel and Joshua Loucks

*** begin quote ***

For many young and low-income Americans, the limits discourage them from using the accounts at all. Americans who use these accounts and then have to access their money early for a family emergency or job loss face new layers of taxes. Many low-income workers are automatically enrolled in these programs by their employers, following government incentives or mandates.

Money deposited in qualified accounts cannot be used flexibly based on an individual’s or their family’s immediate needs. If someone cannot confidently commit to leaving their savings untouched until the government-designated time, it may be wiser for them to avoid using a qualified account altogether.

IRS data show that for the lowest-income taxpayers, penalties for improper use of retirement savings make up a significant portion of their tax liability. Using an average from tax years 2017–2019, Figure 1 shows that 43 percent of all taxes paid by taxpayers with adjusted gross income (AGI) below $5,000 went to penalties for accessing their own money. About 19 percent of income taxes paid by taxpayers with AGI less than $25,000 went to penalties on qualified accounts.

*** end quote ***

Why not let Walmart offer “banking services”?  Why not allow Credit Unions offer tax free savings?  Why aren’t Treasuries (i.e., Bills, Notes, Bonds) tax free like Municipal Bonds?

It doesn’t take a degree in Economics to figure out that America has a “savings problem”.  “We, The Sheeple”, responding to incentives, is deeply in debt.  No taxes on debt; taxes galore on any kind of savings/

Argh!

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MONEY: USA “sanctions” spur tech solution to SWIFT

Thursday, July 11, 2024

FROM TLDR Crypto 2024-07-05

https://cryptoslate.com/russia-contemplating-permanently-legalizing-stablecoins-for-cross-border-payments/

Russian government considering legalizing stablecoins for cross-border payments (2 minute read)

  • Russia is considering regulating the entire transaction chain, from transferring these assets into the country to accumulating and utilizing them for cross-border payments.

Assad Jafri
Jul. 3, 2024 at 8:48 pm UTC
Updated: Jul. 3, 2024 at 8:48 pm UTC

*** begin quote ***

Russia is considering legalizing stablecoins for international transactions to improve cross-border payments and mitigate the effects of ongoing sanctions. The Russian Central Bank is looking to regulate the transaction chain from entry to utilization. Its initiative would primarily target facilitating transactions with BRICS countries effectively integrating stablecoins into the national framework for international settlements. 

*** end quote ***

This is another nail in the coffin of the USA dollar and the SWIFT funds transfer system.

Our politicians and bureaucrats have really screwed the pooch this time.

Now assets will move bypassing and being transparent to the USA.

Good job, Guys.  Incentivize the rapid adoption of a competitive technology.

Argh!

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MONEY: Use the two spot to be remembered?

Friday, May 3, 2024

https://www.fark.com/comments/13229234/169639654?f=Fbfk8hp58iagSRQf806IOS7POTFNsWMDwq52f#c169639654

*** begin quote ***

In years past, when the commanders of a US military base would feel like the locals were becoming less than appreciative of their presence, particularly local law enforcement, they would order up a huge stack of $2 bills and pay the lower-ranking soldiers in cash that pay period. And they did it precisely for one of the reasons on this list. There’s no real place in the cash drawer for them, so they stick out like a sore thumb when doing deposits. And since those local shop owners all knew the source of those $2 bills, it served as a stark reminder of how dependent the local economy was on the base for income. 

*** end quote ***

I love the concept.

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MONEY: 100% reserve gold backed banking is the only way to get to freedom

Tuesday, April 9, 2024

https://www.lewrockwell.com/2024/04/lew-rockwell/bring-back-gold/

Bring Back Gold! 
By Llewellyn H. Rockwell, Jr.

*** begin quote ***

If we want a true gold standard, can we get back to it? Of course we can. The inflationary monetary policy we have today is the key to the financial elites control over us. Without it brain-dead Biden and his gang of neocon controllers couldn’t function. We must prevail, and we can prevail.

*** end quote ***

Sure we might have to pay for “banking services” like we did for travelers’ checks or like do now for using credit cards, but isn’t that better than the “hidden taxes” of inflation.

I’d sure like to try,

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MONEY: Penny candy, Nickel cigars, Dime store comics, and Quarter a gallon gas

Monday, March 18, 2024

DNF

# – # – # – # – # 

Penny candy, Nickel cigars, Dime store comics, and Quarter a gallon gas.

I remember.  Do you?

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MONEY: Will the Gooferment admit that they are “counterfeiting”?

Sunday, January 21, 2024

https://www.kiteandkeymedia.com/videos/should-the-us-mint-stop-making-pennies/?utm_source=join1440&utm_medium=email

Making Change: Do We Need Pennies?
When making money involves losing money
January 2024

*** begin quote ***

WHAT YOU NEED TO KNOW:

  •     It costs around three cents to produce a single penny.
  •     The United States lost over $93 million producing pennies in 2022 alone.
  •     Eliminating the penny likely wouldn’t raise costs for American consumers.

*** end quote ***

I doubt the Gooferment will ever stop making pennies because then they would have to admit that they have been stealing the people’s wealth.  Silently and surreptitiously.  At least when you are robbed by a mugger, you know it. 

Penny candy, a nickel cigar, and dime a gallon gas are bright neon signs that the Gooferment mafia has robbed you.

Wake up rube and see the road map.

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MONEY: “Labor Day” is a reminder of the effect of fiat money on the labor wage rate — Where is the $ 22-per-hour minimum wage?

Monday, September 4, 2023

https://schiffgold.com/commentaries/we-dont-need-better-government-policies-for-workers-we-need-better-money/

We Don’t Need Better Government Policies for Workers; We Need Better Money
August 31, 2023 by Michael Maharrey

*** begin quote ***

Labor Day is coming up. That means we will hear a lot about the plight of American workers. And we will undoubtedly hear calls for new policies to help make their lives better. But we don’t really need more government policies to help workers.

*** and ***

When he announced the closing of the gold window, Nixon said, “Let me lay to rest the bugaboo of what is called devaluation,” and promised, “Your dollar will be worth just as much as it is today.”

This was also a lie.

The dollar has lost more than 85% of its value since Nixon’s fateful decision, based on the CPI calculator. The purchasing power of a 1971 dollar is equal to less than 14 cents today.

*** and ***

Johnson promised removing silver would have no impact on the value of US coinage. “[The] Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin,” he said.

He was lying, just like Nixon.

When LBJ signed the 1965 act, the value of a dollar was almost exactly the same as it had been in 1792—0.77 ounces of silver. By 1980 the dollar had plunged to 0.02 ounces of silver. Today, a dollar today is valued at about 0.06 ounces of silver.

What does this have to do with the minimum wage?

Consider this: In 1964, the minimum wage stood at $1.25. To put it another way, a minimum wage worker earned five silver quarters for every hour worked. Today, you can’t even buy a cup of coffee with those five quarters at face value.

But today, the silver melt value of those five quarters stands at over $22.

That’s a $ 22-per-hour minimum wage.

Now flip things around. Today, it takes 88 quarters to pay a $20 minimum wage. If you paid that in 1964 silver quarters, the value of the metal would be something in the neighborhood of $390!

*** end quote ***

That’s a $ 22-per-hour minimum wage.

So it you’re asking for a higher “minimum wage”, remember that the same Gooferment asking is the one that screwed you in the first place!

Focus on the true cause of “inflation” and why you can’t make ends meet.

Argh!

Happy “Labor” day, suckers.

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MONEY: What does it take to be a moneychanger?

Saturday, August 12, 2023

 

Image 8 5 23 at 11 27 AM

 

Front

MyBTC

 

I don’t want Jesus to show up and beat me.

Laugh!

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MONEY: Is the E-Krona money or, like the CCP, a method of social control by Sweden?

Friday, May 12, 2023

https://bitcoinmagazine.com/culture/sweden-cbdc-for-financial-surveillance?utm_source=Bitcoin%20Magazine&utm_campaign=b4c3ecc573-EMAIL_CAMPAIGN_2023_05_11_08_21&utm_medium=email&utm_term=0_f7d45fbb67-b4c3ecc573-357073741&mc_cid=b4c3ecc573

With The E-Krona, Sweden Is Attacking The Virtues Bitcoin Is Built To Protect

  • As they increase financial surveillance and control, Swedish authorities are inadvertently making the case for Bitcoin as an alternative.

Peter Bistoletti  —     May 11, 2023

*** begin quote ***

E-krona is, at present, a pilot project, testing the technical platform and the cooperation of banks, companies and end users. The e-krona will preserve several functions of cash but not anonymity. The volume of e-krona created will not be determined by mining (like it is for Bitcoin), but by the central bank. Positive or negative interest rates will also be determined by the central bank. In a deeper sense, the e-krona without a function like Bitcoin mining is merely a central database controlled by the central bank. 

*** end quote ***

IMHO, it’s the worst of all worlds.

Grab the popcorn and settle in for the show.

Where bitcoin allowed people to avoid capital controls and escape with their wealth, this will not!

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MONEY: Remember penny candy?

Tuesday, April 25, 2023

https://www.washingtontimes.com/news/2023/apr/20/uncle-sam-loses-money-making-money-producing-penni/

No money to spare: Uncle Sam pays more than face value to mint pennies, nickels
By Stephen Dinan – The Washington Times – Thursday, April 20, 2023

*** begin quote ***

Inflation may make a penny worth less — but it also makes that penny cost more.

The rising prices of raw materials have sent the costs of manufacturing coins soaring over the past two years, adding nearly a full cent to the cost of producing each penny. It now costs more than 2.5 cents to mint and distribute each penny coin, the federal government said in a report to Congress.

Making a nickel now costs more than 10 cents.

*** and ***

“It’s absolute non-cents that American taxpayers spend 10 cents to make just one nickel,” said Sen. Joni Ernst, Iowa Republican. “Only Washington could lose money making money.”

*** end quote ***

Anyone realize that the FED’s inflation and the “spend and borrow” Congress has made money worth less?

Penny candy, Nickel Newspapers, Dime comic books are all casualties of the parasitic class extracting more and more of the Taxpayers’ Wealth.

Get out the pitchforks and light up the torches, it’s time change the discussion.

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