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> With a dwindling number of legitimate cash users Services for laundering cash are going to see a huge uptick in turnover. You put the cash in the local slot
by nandomrumber 4mo ago
> With a dwindling number of legitimate cash users
Services for laundering cash are going to see a huge uptick in turnover.
You put the cash in the local slot machine, the slot machine owner then purchases legitimate services from your wife / cousin / other family member’s business.
Or you rent a hole in the wall location massage business that that maybe legitimately employs one or two people but on the books they manage to see back to back clients for 20 hours a day.
Another good one is hair dresser / barber, they often take cash.
- y-curious 4mo agoMy barber loves talking about “creative tax tricks” he does as an all cash joint. More interesting was how he managed to purchase a home despite having very little reported income. It involved friends in the “legitimate” cannabis industry in California, but he got it done. I’m not sure the stress is worth (presumably) 20% or so savings for his income.
- convolvatron 4mo agoits not just his income. everybody in the cash economy wins. if I take cash and pay my employees in cash, that's a few transactions the tax man misses out on. quite a bit of labor runs on cash. you can usually get a deal for a lot of services by paying in cash. sometimes the floor manager will take cash and never even report the transaction to the business much less the tax man (I rent forklifts and get plating work done this way).