I agree. I suspect most people would agree if they knew what the law is, but you have to be a small business owner or a poker player or some such to deal with that kind of cash. Most people in the US don't even have $15k.
"Inconvenient" is a pretty mild description when you business goes under because the government has taken all your operating capital. In any event, they should know better. This isn't a case of a life-or-death decision that has to be made in a split second.
That's something completely different, though. You get these kinds of cases when you have cash on you and the government steals it because you might maybe be involved in some kind of crime which they can't identify.
The problem is that none of the popular stories on AM radio that ask people to be outraged about this are that sort of situation.
There are a few legit outrages. There are people who have had their money seized by the government because all their cash deposits came in under $10k. In a lot of cases the reason they were making smaller deposits is because their insurance company required them to have less than $10k in cash on the premises. Small deposits aren't a crime in and of themselves - it's only a crime if the intent is to evade currency reporting requirements. In general federal agents just assume you're engaged in structuring if you make smaller deposits, but when they do that they're not following the law, and the IRS has had to return the money in hundreds of cases.
No, the reporting requirements are all about cash. If you're getting checks the government already knows where the money is coming from. The only way this is going to get you into trouble is if you pull the money out in cash and then deposit it somewhere else in small increments.
No, a single transaction just under ten grand isn't illegal. But five transactions over five days, or from five different banks, each just under $10k? That's going to get you into trouble. You could ask Dennis Hastert, if they'll let you visit him in jail.
The sad thing is all structuring requires is intent. If you have $15k, and you decide to split it into two transactions, you have already broken the law independent of whether or not you follow through with the transactions.
Incidentally, that $10k limit is only for certain types of transactions. Other types have lower limits, and there isn't anywhere official you can go to find out what those limits are or what kind of transactions they apply to. Even if nobody at the bank files a Suspicious Transaction Report, your transaction may still go to the government.
What makes it complicated for people who work at financial institutions is walking the tightrope between "know your customer" laws and privacy statutes.
This doesn't surprise me at all. Hollywood is an industry full of people who excoriate "the rich" for not paying taxes when all the while movies don't turn a profit, as far as the IRS is concerned.
There's nothing "natural" about inflation. Inflation is always the product of a government that spends more than it takes in through taxes. When you have a fixed money supply you will have deflation, which is one of the reasons people justify fiat currencies.
It was true in the past that a college degree was the gateway to a well paying white collar job. But that was only true because not everybody was getting a college degree. There are fundamental supply and demand forces working against this generation of graduates.
I doubt they were saying anything they didn't believe. Colleges have put a lot of effort into selling (successfully, IMO) two partially conflicting ideas at the same time: 1) That you need a college degree to get a good job and 2) that you don't go to college to get a good job.
The next generation in my family has reached college age. On one hand it galls me to realize just how much money these kids are going to waste over the next five or six years extending their adolescence. On the other... most well paying jobs really do require college degrees. Yes, it's still possible to strike out on your own and get rich even without a college degree, but most people just don't have the personality it requires.
Yeah... no. For one thing, you can't blame military spending that hasn't happened yet for money that didn't go into social programs. For another, in the context of the US budget over 15 years less than two trillion dollars is pocket change.
No, in the US the safety net is far more lavish than it was in the '80s. There were some cuts to federal programs, which were all restored before Reagan even left office. Over the years Congress has mandated more and more benefits at the state level, which doesn't show up much on the federal budget but still needs to get paid for somehow.
I'm saying that nothing really changed, they simply created a "trust fund" that existed in paper only and continued to simply spend all of the SS money. It's still a financial time bomb because more benefits are promised than the tax currently raises. Money from the general fund is currently being used to make up the difference by "paying back" the "trust fund". Never mind that different people are paying back the money than those who borrowed it in the first place.
In pay-go programs it's always different people paying back. That's the defining characteristic of the program. They are fundamentally unfair, because the first generation makes out very well and someone down the line gets screwed.
I agree. I don't see how you can trade with other countries and not have problems with labor arbitrage. It didn't matter as much before containerization, but these days transport is so cheap proximity gives you almost no advantage over people on the other side of the world.
Didn't they announce the flight in early October would be the first reuse? We shall see. I'm assuming they'll be able to reuse the LEO stages, but I wonder if the GTO stages will ever be in good enough shape to rely on.
Slashdot Mirror
The superdelegate system was created specifically to keep people like Sanders out, and it works.
The Clintons aren't quite as ultra-rich as the Kochs, but at $100m+ they're still ultra rich and easily have enough money to play this game.
A reward for a lifetime of public service, I guess.
I agree. I suspect most people would agree if they knew what the law is, but you have to be a small business owner or a poker player or some such to deal with that kind of cash. Most people in the US don't even have $15k.
"Inconvenient" is a pretty mild description when you business goes under because the government has taken all your operating capital. In any event, they should know better. This isn't a case of a life-or-death decision that has to be made in a split second.
That's something completely different, though. You get these kinds of cases when you have cash on you and the government steals it because you might maybe be involved in some kind of crime which they can't identify.
There are a few legit outrages. There are people who have had their money seized by the government because all their cash deposits came in under $10k. In a lot of cases the reason they were making smaller deposits is because their insurance company required them to have less than $10k in cash on the premises. Small deposits aren't a crime in and of themselves - it's only a crime if the intent is to evade currency reporting requirements. In general federal agents just assume you're engaged in structuring if you make smaller deposits, but when they do that they're not following the law, and the IRS has had to return the money in hundreds of cases.
No, the reporting requirements are all about cash. If you're getting checks the government already knows where the money is coming from. The only way this is going to get you into trouble is if you pull the money out in cash and then deposit it somewhere else in small increments.
No, a single transaction just under ten grand isn't illegal. But five transactions over five days, or from five different banks, each just under $10k? That's going to get you into trouble. You could ask Dennis Hastert, if they'll let you visit him in jail.
The sad thing is all structuring requires is intent. If you have $15k, and you decide to split it into two transactions, you have already broken the law independent of whether or not you follow through with the transactions.
Incidentally, that $10k limit is only for certain types of transactions. Other types have lower limits, and there isn't anywhere official you can go to find out what those limits are or what kind of transactions they apply to. Even if nobody at the bank files a Suspicious Transaction Report, your transaction may still go to the government.
What makes it complicated for people who work at financial institutions is walking the tightrope between "know your customer" laws and privacy statutes.
This doesn't surprise me at all. Hollywood is an industry full of people who excoriate "the rich" for not paying taxes when all the while movies don't turn a profit, as far as the IRS is concerned.
Hah hah. I knew a guy who got busted because he used a credit card. The cops took down a massage parlor and had his name, dates, billing address...
There's no way I would even give my real name to a hooker.
Heh heh. You really haven't changed over the years.
I suspect it's more likely that in a few decades tractors won't need farmers.
There's no reason to be a dick, Derek. I did google it and couldn't find anything. Otherwise I would have provided a link.
There's nothing "natural" about inflation. Inflation is always the product of a government that spends more than it takes in through taxes. When you have a fixed money supply you will have deflation, which is one of the reasons people justify fiat currencies.
It was true in the past that a college degree was the gateway to a well paying white collar job. But that was only true because not everybody was getting a college degree. There are fundamental supply and demand forces working against this generation of graduates.
I doubt they were saying anything they didn't believe. Colleges have put a lot of effort into selling (successfully, IMO) two partially conflicting ideas at the same time: 1) That you need a college degree to get a good job and 2) that you don't go to college to get a good job.
The next generation in my family has reached college age. On one hand it galls me to realize just how much money these kids are going to waste over the next five or six years extending their adolescence. On the other... most well paying jobs really do require college degrees. Yes, it's still possible to strike out on your own and get rich even without a college degree, but most people just don't have the personality it requires.
Yeah... no. For one thing, you can't blame military spending that hasn't happened yet for money that didn't go into social programs. For another, in the context of the US budget over 15 years less than two trillion dollars is pocket change.
No, in the US the safety net is far more lavish than it was in the '80s. There were some cuts to federal programs, which were all restored before Reagan even left office. Over the years Congress has mandated more and more benefits at the state level, which doesn't show up much on the federal budget but still needs to get paid for somehow.
In pay-go programs it's always different people paying back. That's the defining characteristic of the program. They are fundamentally unfair, because the first generation makes out very well and someone down the line gets screwed.
I agree. I don't see how you can trade with other countries and not have problems with labor arbitrage. It didn't matter as much before containerization, but these days transport is so cheap proximity gives you almost no advantage over people on the other side of the world.
I'm pretty sure a flight was identified in the last week; I just don't remember where I read it.
Didn't they announce the flight in early October would be the first reuse? We shall see. I'm assuming they'll be able to reuse the LEO stages, but I wonder if the GTO stages will ever be in good enough shape to rely on.
Then you should have no problem supporting a voter ID law. Right?
The illegal aliens and dead people tend to vote Democratic as well.