S. 1241 DEMAND REPORT TO FED CASH YOU KEEP AT HOME AND WHY

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  • AustinN4

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    This thread was silly from the start. My read of S 1241 is that it only applies to cash transaction of $10,000 or more, and represents enhancements to the original large cash transactions legislation that is already on the books, not the $100 or even a $1,000 or so you keep at home.
     
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    TAZ

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    And this requirement is where?

    It's not anywhere as of today. AFAIK. Someone asked how they would get folks to cough up their under mattress reserves. Most efficient way is to add it into a form everyone already uses and coughs up their financial history.

    I thought income tax was from the previous year?
    What if I've had the cash for years?

    It is, but it doesn't matter how long you've had it. Just that the government knows you have it. Something like this; if it comes to pass has nothing to do with when you got it, how you got it... just that you have it and are refusing to give it to a bank to lend out. In a few years there will be a service charge for being mean to your bank by not allowing them to lend your money out to make themselves millions in interest. It'll be called the universal financial fairness fee. Eventually cash becomes hard to use and then like credit cards today you become useless without electronic $$.

    Didn't we go through this once before with gold. Where Americans were forced to hand over their gold for paper?? FDR couldnt print enough $$ cause he didn't have enough gold on hand. Remember, every dollar not in a bank = $3 not being lent out or something like that. That's $3 the fed has to print with more and more folks wondering WTF?! What better way to increase the lending power and income of your local bank than by forcing you the mere peon to give them your cash.
     

    AustinN4

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    It is, but it doesn't matter how long you've had it. Just that the government knows you have it. Something like this; if it comes to pass has nothing to do with when you got it, how you got it... just that you have it and are refusing to give it to a bank to lend out. In a few years there will be a service charge for being mean to your bank by not allowing them to lend your money out to make themselves millions in interest. It'll be called the universal financial fairness fee. Eventually cash becomes hard to use and then like credit cards today you become useless without electronic $$.
    Where do you come up with this stuff. The banks have plenty of money to loan already. Senate 1241 is about money laundering.
     

    TAZ

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    It's truly sad how much sense that makes...



    ETA: Not that it makes sense, but that it could happen.

    Where do you come up with this stuff. The banks have plenty of money to loan already. Senate 1241 is about money laundering.

    Sure it is. Just like gun control is about public safety.

    Sorry, maybe I'm too cynical. Having grown up behind the iron curtain I am a bit too familiar with how hard, fast and deep the government can screw you on a moments notice.
     

    AustinN4

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    Having grown up behind the iron curtain I am a bit too familiar with how hard, fast and deep the government can screw you on a moments notice.
    I don't disagree with that at all, but you are making stuff up about Senate 1241 that just isn't there. Fake News! We have had large currancy transaction reports in place since the 1980's.
     

    ZX9RCAM

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    I don't disagree with that at all, but you are making stuff up about Senate 1241 that just isn't there. Fake News! We have had large currancy transaction reports in place since the 1980's.

    I had to get a bank manager involved when I bought this house, and wanted a check cut.
     

    TheDan

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    How would one be found out?
    Are you referring to a large cash purchase, for example?
    Lots of different ways... One example: you're on your way to buy an expensive item with cash on hand, get pulled over in Jasper for going 2mph over, the cop "smells weed" and searches your car.


    Define unreported cash. Where reported and how?
    That's the point of the OP.
     

    ZX9RCAM

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    Lots of different ways... One example: you're on your way to buy an expensive item with cash on hand, get pulled over in Jasper for going 2mph over, the cop "smells weed" and searches your car.

    I was watching the new live cop show, and an individual was pulled over in a similar scenario.
    He had $6k in his pockets.
     
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