The government is planning a secret new tax. It involves a new way of taking money directly from your bank account. The “Bank Account Tax” is coming but there is a legal way to avoid this great transfer of wealth from middle income taxpayers to the government.
The Founding Fathers of the United States believed that no one man should have the power absolute power. So they wrote the U. S. Constitution to require a system of “checks and balances” known as the U.S. Congress and U.S. Supreme Court. To raise taxes a majority of the 535 members of Congress must vote “yes” to raise taxes.
The President of the U.S. cannot raise taxes without Congress’ approval.
However, in 2016, a new loophole has taken root in the system. This loophole, which has never existed before in the history of the United States allows the President to raise taxes without the approval of Congress.
It allows money to be directly taken from your bank account just like the Internal Revenue Service takes money directly from your paycheck every week. The name of this loophole is called “negative interest rates.”
Typically, the bank pays you interest on money you keep in a bank savings account. However, with negative interest rates, you pay the bank interest on money you keep in the bank and the more money you have in the bank, the more you pay. This is what happens where idiot politicians are in control.
Many governments around the world have already adopted negative interest rates.
This means politicians around the world are ordering banks to charge depositors (you) a fee for storing cash and the U.S. Federal Reserve Bank is also considering doing the same thing to raise much needed cash to help government pay off its huge debt burden.
The government is ordering banks to confiscate money directly from people’s bank accounts. The ass backwards logic goes like this. Politicians think that by charging you to keep money in the bank, well, you willl save less money and you willl spend more money on things like smartphones and cars and you will invest in things like stocks and real estate which, in turn, will “stimulate” the economy.
Right now, you may be thinking that there’s an easy way around this tax…that you simply pull cash out of the bank and keep paper dollars in your home. If your money is not in the bank, the government cannot tax it with negative interest rates.
Politicians know this which is why at the same time they are in the process of slowly but surely banning paper cash.
Spain has already banned cash transactions over 2,500 euros. Italy banned cash transactions over 1,000 euros. France banned cash transactions over 1,000 euros.
Former U.S. Treasury Secretary, Larry Summers, called for a ban on the $100 bill!
By making it so difficult (or illegal) to buy and sell things with cash, the government wants to force people into the banking system.
Once we’re all trapped in the banking system, the government can tax our bank accounts with impunity. At that point we will have no alternative to keeping money in the bank. Negative interest rates and the elimination of paper cash…it’s all a dream come true for socialist government central planners. By driving the citizenry more and more towards trackable digital payments, the government has made it
easier to confiscate our wealth.
The Bank Account Tax will hit the middle class hardest of all because the wealthy keep most of their wealth in assets other than cash. Negative interest rates and the coming ban on cash will cause people to panic and they will search for anything which will hold its value. Enter gold and silver. Only in the past few decades have people accepted unbacked government currency as money. The flood of money out of cash and into gold and silver will create a new underground currency market.
SUPPLEMENTAL SOURCE: DOUG CASEY RESEARCH AUGUST 2016