They must know that the poor and middle class do a lot of things off the books. Painting, handyman, yard work, cleaning house, selling personal items for extra cash,etc. Yes, technically when people do this it is a crime by not reporting the extra income but when you can barely afford to make ends meet, these transactions help people make ends meets. So if you are hating on the wealthy for evading taxes, stop it...they are only doing what EVERYONE does.
It doesn't make it right because you happen to be rich. We pay too much in taxes and this is a consequence that happens when your tax rate is too high and why when you lower the tax rate, the government reaps more revenue because people aren't expending so much time and resources to evade them. When you earn money, whether it's 100 dollars or 10,000 dollars, you don't want to give too much to the government because...well...you earned it.
If the elites get their way, you won't be able to hide anything and they will know everything you do...on the books. They think they will be able to reap the extra revenue from the black market while cutting down on corruption. Larry Summers says this about it..."global financial groupings can stand up against “big money” and for the interests of ordinary citizens." Yeah OK. If we have learned nothing else the last few years we know this...the opposite of what is written or said is the modus operandi of the wannabe global overlords. This will only help "big money" and will crush the black market and they will find out that's not a good thing and the people can only tolerate so much....
That also explains why Mario Draghi is so intent on eradicating it first, then the €200 bill, then the €100 bill, and so on.
We also noted that according to a Bank of America analysis, the scrapping of the largest denominated European note "would be negative for the currency", to which we said that BofA is right, unless of course, in this global race to the bottom, first the SNB "scraps" the CHF1000 bill, and then the Federal Reserve follows suit and listens to Harvard "scholar" and former Standard Chartered CEO Peter Sands who just last week said the US should ban the $100 note as it would "deter tax evasion, financial crime, terrorism and corruption."
Well, not even 24 hours later, and another Harvard "scholar" and Fed chairman wannabe, Larry Summers, has just released an oped in the left-leaning Amazon Washington Post, titled "It’s time to kill the $100 bill" in which he makes it clear that the pursuit of paper money is only just starting. Not surprisingly, just like in Europe, the argument is that killing the Benjamins would somehow eradicate crime, saying that "a moratorium on printing new high denomination notes would make the world a better place."
Read the rest here...