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I don't believe that but there is some truth or less exaggerated percentage of tax evasion that could be quoted. Cash is also necessary for buying illegal drugs
by s_dev 3y ago
I don't believe that but there is some truth or less exaggerated percentage of tax evasion that could be quoted. Cash is also necessary for buying illegal drugs for example which a lot of people do in all strata.
Other factors that are rarely mentioned in these debates include that cash must be counted and is far more error prone than cashless transactions. Most people counting this cash are actually 19 year olds or people who just aren't enthused by their job, so plenty of mistakes mean cashless transactions have a significant advantage in retail.
- NickC25 3y agoIt's also necessary for when some states have a super low minimum wage for restaurant/bar/food workers (because the idea is that you'll make the difference up in tips) - in my state (FL) I believe it's something like $2.75 or $3 per hour. Tips are taxed, and you'd better believe the owner of the establishment takes a cut of those tips, too, if they are reported. You tip cash, all that goes straight to the workers, most of whom are probably not rolling in the dough. It goes quite a long way for those types of folks. The lower the rung you're on economically, the more use you have for cash.
- autoexec 3y agoThis is a good example of one way that cash is useful today, but hopefully it's also one that will go away as soon as possible. We should keep cash, but end tipping and slave wages.