Australia’s Black Economy Taskforce has come up with a list of 35 “consumer-focused” proposals to crack down on cash. The taskforce blames consumers for holding cash and for not getting receipts.
Michael Andrew, the head of the taskforce, proposes nanochips in $50 and $100 notes so the government knows where the cash is, and suggests that cash should expire after a designated period of time.
Andrew believes “consumers are part of the problem”. He wants to punish people who pay in cash and don’t get a receipt.…
According to Taskforce chair Michael Andrew, former global head of accounting firm KPMG and current chair of the Board of Taxation, while current anti-black economy laws focused on businesses, consumers are “part of the problem”.
“We intend to examine the merits of consumer focused sanctions, including the loss of consumer protections, warranties and legal rights for people who make cash payments without obtaining a valid receipt,” Mr. Andrew wrote. “This is not simply of matter of imposing new penalties, but part of a wider cultural change agenda.”
But he argued any new penalty regime “should be carefully calibrated”, with the strongest sanctions “applying to egregious behavior or repeat offenses”. “Lighter touch approaches (including ‘nudge’ techniques) will be more appropriate in many cases,” he wrote.
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Speaking to The Courier-Mail, Mr. Andrew said too much cash was being hoarded under pensioners’ beds and stockpiled as a trusted currency in China.
Estimates for the size of Australia’s so-called black economy vary from $23 billion to $50 billion. The government claims tax avoidance through cash payments costs the budget up to $10 billion in revenue, money that could go towards funding welfare and other services.
“You could put a trace on some of these notes to see where they would go. You can use nano technology to put little chips in so you could then trace it.”
Last year, a report by UBS recommended Australia scrap the $100 note. According to UBS, benefits may include “reduced crime (difficult to monetize), increased tax revenue (fewer cash transactions) and reduced welfare fraud (claiming welfare while earning or hoarding cash)”.
Reaction to Taxes
Liberal Democrats Senator David Leyonhjelm has the right idea.“The only people who are distressed by the cash economy are the government and the public servants who want to spend taxes. It’s a reaction to the level of taxes we pay,” said Leyonhjel.
ECB Phases Out €500 Note
India Cash Ban Experiment
On November 8, 2016, India’s Prime Minister Narendra Modi stunned the country with an announcement that 500-rupee ($7.30) and 1,000-rupee notes, which account for more than 85 percent of the money supply, would cease to be legal tender immediately.
The war on cash is moving at breakneck speed.
Full article: Aussie ‘War On Cash’ Tsar: “Consumers Are Part Of The Problem” (ZeroHedge)