[6M8PJigS]

Cashless: The Coming War on Tax-Evasion and Decentralized Money

By Cris Sheridan 03/30/2012


There are two major trends taking place that are shaping up as a recipe for disaster. On the one hand, we have massively indebted governments around the world desperate for tax revenues and, on the other, steadily growing multi-trillion underground economies whose main goal is to avoid paying them.

According to a study done earlier last year, the amount of uncollected tax revenues in the US is estimated around a whopping 500 billion dollars, with the total size nearing 8 percent of America’s GDP.1

Although comprising a much smaller percentage of our overall economy than other nations like Greece (25 percent), Italy (27 percent), or Thailand (70 percent)2, the underground or shadow economy of the U.S., due to its massive size, is larger than “the official output of all but the upper crust of nations across the globe…bigger than the GDP of Turkey or Austria.”3

How long will the government allow this to last?

When times are good and the economy vibrant, there is less incentive to crack down on tax-evasion; but now, unemployment is at all-time highs, income and property taxes have fallen dramatically, and the government is supporting an increasingly large and record number of people through a wide range of benefits.


Desperate times call for desperate measures


More at link above...

[Aceroassert]

funny how the italian authorities call tax evaders "parasites" .

[Gakeincidoniac]

I think this kind of thing would blow up in their face. Some decentralized cryto-currency like Bitcoin will become more credible and take off.

[fectsnanteemy]

Good old fashion barter will rule the day.

In greece they are using direct exchange of services in lieu of any money because the euro is so unstable

[MrGunjMan_]

How is it the IRS is allowed to use lethal force to collect money it says you owe?
Why can't citizens be allowed to do the same?

Who decides how much taxes the government needs?

[luspikals]

Interesting that they say $500B is the estimated amount. Due to the Fed's actions, the difference between what people SHOULD be earning on their money and what they actually get from CDs and TBills, is estimated at ... $450B.