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The Fed will take another step ahead in developing a digital currency

serfserf Member Posts: 9,225 ✭✭✭✭
edited May 2021 in Politics

This will be the system of payment that will replace cash eventually. After all who uses cash anymore anyway? Embrace the new normal of big brother watching you. The Federal Reserve Chairman Jerome Powel is nothing but a delivery boy for the foreign owners of our Central Bank.

Always remember if you have nothing to hide than you have nothing to fear from our government.

serf

https://www.cnbc.com/2021/05/20/the-fed-this-summer-will-take-another-step-ahead-in-developing-a-digital-currency.html

The effective functioning of our economy requires that people have faith and confidence not only in the dollar, but also in the payment networks, banks, and other payment service providers that allow money to flow on a daily basis,” Powell said in a video message accompanying the announcement.

“Our focus is on ensuring a safe and efficient payment system that provides broad benefits to American households and businesses while also embracing innovation,” he said.

Bonus Info!

U.S. Treasury calls for stricter cryptocurrency compliance with IRS


Comments

  • Butchdog2Butchdog2 Member Posts: 3,500 ✭✭✭✭

    Soon to be a cashless society. Already would have been if those with satchels of untaxed cash could figure how to convert it into plastic or something simular.

  • serfserf Member Posts: 9,225 ✭✭✭✭
    edited May 2021

    Watch The IRS get very aggressive now as the dollar loses it's value and future growth in businesses shift away from dollar transactions. The party is over and The NWO with socialism is the new normal and you will be woke soon enough.But in a much different way, Big brother's money changers want and need their cut and is coming for it in a cashless society. bet on it.

    Oh I left out the inflation that is coming and new taxes on carbon and any other thing that moves in the economy they can find to tax.

    You gotta love it for you can't leave it unless you have Tax havens and lawyers.

    serf

    https://www.pcmag.com/news/cryptocurrency-and-taxes-what-you-need-to-know

    Does this mean you could be on the hook for transactions going back to 2014? Yes. In fact, the IRS has sent letters to taxpayers who’ve been involved in cryptocurrency transactions, informing them that they had to file amended returns and pay back taxes. The agency has also moved a related line from the Schedule 1 to the Form 1040. The 1040 now includes this phrase directly below the contact information block: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” If your answer is Yes, the IRS will expect to find it reported in your return.

    https://www.forbes.com/sites/lizfarmer/2021/03/12/federal-stimulus-bill-has-huge-tax-change-for-gig-workers/?sh=30a94d443805

    Tucked inside the American Rescue Act is a tax change that has big implications for tax revenue and the gig economy. Starting for tax year 2022, many contractors with gig economy companies like Uber, DoorDash and Lyft will be getting 1099 forms when they previously wouldn't have.

    The end result is that many more gig workers can accurately report their income — which, in turn, means that federal and state governments will collect billions more in income tax revenue.

    The 1099-K form is used for all third party network transactions and payment card transactions. The change means that starting with tax season in 2023, contractors for app-based companies and entrepreneurs who sell goods at places like Etsy and eBay will receive a 1099-K for any income they received via credit card or other third party payment services when that annual income totals at least $600.

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