Cashless transactions

[P@triot]

No. Companies don't pay tax on their sales revenue.

 

[P@triot]

How is she going to avoid paying taxes on in it?

She bought something for $200, she sold it for $200. No gain, no tax.

There would be a digital transaction of her buying something for that $200. Where is that transaction, dimwit? You don't understand auditing at all, do you?

There would be a digital transaction of her buying something for that $200.

There is a digital transaction for everything you own? Everything I own?

I know you're desperate and all, but good grief are your posts getting more juvenile. Let the adults talk now, ok. The IRS, law enforcement, etc. recognize that a person is not purchasing something for $200 and selling it for $200 over and over and over. Used items fetch less in 99% of all cases. Buy an Apple Watch and sell it on Ebay, you will get less for it because it is used. If it costs the same, the person will simply buy a brand new watch from Apple.

In a few cases (such as expensive art, sports collectibles, etc.) the item increase in value. You're not going to purchase a Babe Ruth rookie card for $200 and sell it for the same $200. You're going to sell it for $400.

None of your weak and pitiful arguments hold up. Thanks for playing.

 

[Toddsterpatriot]

So to recap: it is your position that we can eliminate all but a single $1 bill from our economy

How do you eliminate all that currency?

So now you're going to play this juvenile, disingenuous game because you've been proven wrong and your ego is too big to admit it?

It was a hypothetical. You made an outrageously ignorant claim that removing currency from our economy has no impact. I had to dumb it down to your level and give a hypothetical. The fact is, that hypothetical gave you no where to run with your idiotic position and now you're left just being an ass because of your fragile ego.

The indisputable, undeniable reality is: removing currency from an economy has a major and very detrimental impact on an economy. It's how nations engage in economic warfare on each other.

So now you're going to play this juvenile, disingenuous game

I wouldn't say your stupid claim that, "foreigners are gonna screw with our economy by taking out our currency and dumping it back in" was disingenuous, just ignorant.

The indisputable, undeniable reality is: removing currency from an economy has a major and very detrimental impact on an economy.

The US currency foreigners hold now hasn't caused any damage to the US economy that I can see.
Why don't you show me the damage you feel it has caused.

Maybe after your nap?

 

[Jarlaxle]

How does removing currency empty the bank accounts, twit?

Holy shit...

(Psst...stupid....bank accounts hold currency. Not sandwiches. Currency)

If you think your bank account holds a stack of $20s (that's currency, twit) you're dumber than you first appeared.

And THAT is an accomplishment.

 

[P@triot]

How do you figure, sparky? That income is now on record.

People don't sell stuff on EBAY at 2:00 AM?

You poor, poor little dimwit.

The IRS rules are clear: you must pay taxes on all personal and business income and that includes money you make selling on Ebay.

Understanding Ebay Taxable Income

Taxable income is not sales revenue.

Both eBay and the IRS disagree with you, snowflake.

Your sales revenue minus your legal deductible expenses equal your taxed revenue.

 

[P@triot]

I wouldn't say your stupid claim that, "foreigners are gonna screw with our economy by taking out our currency and dumping it back in" was disingenuous, just ignorant.

Yeah...it's just been going on for hundreds of years. The U.S. has done it to other nations. Other nations have done it to the U.S. But you just keep on being a blind, deaf, and dumb liberal who believes all nations are holding hands and singing kumbaya.

 

[Toddsterpatriot]

How do you figure, sparky? That income is now on record.

People don't sell stuff on EBAY at 2:00 AM?

You poor, poor little dimwit.

The IRS rules are clear: you must pay taxes on all personal and business income and that includes money you make selling on Ebay.

Understanding Ebay Taxable Income

Taxable income is not sales revenue.

Both eBay and the IRS disagree with you, snowflake.

Your sales revenue minus your legal deductible expenses equal your taxed revenue.

Your sales revenue minus your legal deductible expenses equal your taxed revenue.

Excellent! My mocking of your ignorance has led you to a tiny nugget of knowledge.

 

[Toddsterpatriot]

I wouldn't say your stupid claim that, "foreigners are gonna screw with our economy by taking out our currency and dumping it back in" was disingenuous, just ignorant.

Yeah...it's just been going on for hundreds of years. The U.S. has done it to other nations. Other nations have done it to the U.S. But you just keep on being a blind, deaf, and dumb liberal who believes all nations are holding hands and singing kumbaya.

The U.S. has done it to other nations.

The US is holding stockpiles of foreign currency? Where? Why?

Other nations have done it to the U.S.

Who? When? How did we get harmed by these supposed actions?

 

[depotoo]

They don't. The customer does. The company is just the fiduciary.

No. Companies don't pay tax on their sales revenue.

 

[Jarlaxle]

How do you figure, sparky? That income is now on record.

People don't sell stuff on EBAY at 2:00 AM?

You poor, poor little dimwit.

The IRS rules are clear: you must pay taxes on all personal and business income and that includes money you make selling on Ebay.

Understanding Ebay Taxable Income

Taxable income is not sales revenue.

Both eBay and the IRS disagree with you, snowflake.

Your sales revenue minus your legal deductible expenses equal your taxed revenue.

Your sales revenue minus your legal deductible expenses equal your taxed revenue.

Excellent! My mocking of your ignorance has led you to a tiny nugget of knowledge.

Even a blind jackass finds tbe occasional feedbag.

 

[Billy_Kinetta]

Which still have recorded transactions which I am sure could be subpoenaed And jow do you purchase them without cash?

my problem with cashless is that cashless eliminates privacy in purchases .

Prepaid debit cards.

What recorded transactions? No personal information is given when buying or using prepaid debit cards.

 

[Toddsterpatriot]

Which still have recorded transactions which I am sure could be subpoenaed And jow do you purchase them without cash?

my problem with cashless is that cashless eliminates privacy in purchases .

Prepaid debit cards.

What recorded transactions? No personal information is given when buying or using prepaid debit cards.

If they're going to eliminate cash, in order to "end all criminal activity", you'd better believe they'll trace the card you bought with the card in your name.

 

[QuickHitCurepon]

Costs a lot of money to make cash. Current 2017 operating budget is 726 million.
The Fed - FAQs

I've been going cashless for several years. Pretty much inevitable as money is nothing but a made up point system anyway.

People like handling money from time to time and even like the smell of new bills. They cannot even get rid of pennies. Cash is here to stay.

 

[QuickHitCurepon]

And how do they find out what I sold Petro when he wires me $400 in PayPal? Enlighten us chief.

If a prostitute used PayPal, it ruins your original claim....

It almost immediately eliminates criminal activity. Without cash, one has to explain transactions. A prostitute must explain why she had a transaction at 2:00 a.m. when she is not employed.

It sounds like there will be a lot of explaining to do in this new society. People will have to often hire lawyers to explain inevitable "unusual" transactions. The government will be mandated to often investigate here, there and everywhere, after all that was what it was all about. What a wonderful future.

 

[Fang]

my problem with cashless is that cashless eliminates privacy in purchases .

Which is why it eliminates drug trafficking, gambling, prostitution, etc.

How does it eliminate any of that? The answer is it doesn't. I pay a female to clean my house. So in your world I deposit a cashless transaction into her account. The question is, was she really cleaning my house?

 

[Billy_Kinetta]

Which still have recorded transactions which I am sure could be subpoenaed And jow do you purchase them without cash?

my problem with cashless is that cashless eliminates privacy in purchases .

Prepaid debit cards.

What recorded transactions? No personal information is given when buying or using prepaid debit cards.

If they're going to eliminate cash, in order to "end all criminal activity", you'd better believe they'll trace the card you bought with the card in your name.

I don't buy the card with a card. I buy it with cash, which is not yet eliminated..

 

[QuickHitCurepon]

Property crime will skyrocket and violence too since criminals will be in more positions to commit violence.

 

[depotoo]

Unless they are small cards, large cards they do require info, in case of loss. And it still takes cash or an account to purchase one,

Which still have recorded transactions which I am sure could be subpoenaed And jow do you purchase them without cash?

my problem with cashless is that cashless eliminates privacy in purchases .

Prepaid debit cards.

What recorded transactions? No personal information is given when buying or using prepaid debit cards.

 

[Billy_Kinetta]

Unless they are small cards, large cards they do require info, in case of loss.

You seem to be missing the point. I can slap down a card and pay for it with cash in the required amount. The cashier will happily ring it up with no info required.

You can register the card online IF YOU SO CHOOSE. There is no obligation to do so. The card is like cash in the sense that there is no record of ownership.

 

[depotoo]

That card that you slapped down to pay it with is linked to that transaction and card number whether you realize it or not. Now if there is ever any question on the transactions on that card, you could be contacted, etc, even if you gave it away.

Unless they are small cards, large cards they do require info, in case of loss.

You seem to be missing the point. I can slap down a card and pay for it with cash in the required amount. The cashier will happily ring it up with no info required.

You can register the card online IF YOU SO CHOOSE. There is no obligation to do so. The card is like cash in the sense that there is no record of ownership.