Let’s talk about this in the correct light. The Text book state that 1/3 of the American economy is cash based. So one dollar in three is a cash transaction. The truth is it is higher than that. I am not saying that is a bad thing. This affects at least 25% of the working poor.(Econ 101) Now the President has instituted new reforms regarding cash transaction. Here are some past and present laws.<quoted text>
90% of small businesses under-report their income and are therefore tax cheats.
A. You can only have $9,999.99 on your person. Past
B. If can only get $2,999.99 money orders without paper work. New
C. If you draw out more than $8,000 cash the bank has to fill out paper work. New
D. You can be paid up to $699.99 without receiving a 1099 tax form. Past
This should be enough to start my point. You will find now that small bars and restaurants that paid people under the table are now being hammered By the IRS. If your state is like Illinois were they are trying to make it were every person who works at a bar has to have their photo and hours posted so a state inspector can make sure a person is not being paid cash. Now for liability reasons I can understand that. This is a recessive tax on the working poor. Truth be known, most of what the president has done for taxation are recessive taxes.