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Termyn8or -> RE: Time Banks (6/3/2010 10:07:02 PM)
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The problem with the idea is the paper trail and the fact that the government thinks they own us. My ex employer was into a barter system and everything exchanged was considered taxable.
I believe that some should pay taxes, particularly when they use the system to make money, as in the case of holders of intellectual property rights and so forth, and a bunch of other things. But in a barter system you are not even using their money, so if the law reads the way it was written, you don't pay tax.
But no, any ncome of any kind is what they assert, patently false but widely accepted, and now they again have their fingers in your pockets, and guess what, for the tax money they will not barter.
It is really a great idea, but the well has been poisoned, the idea is to cut out all the middlemen and certain issues just screw it all up completely. It won't work in this economic climate, under these conditions. I have thought about this more than once, and if someone really wanted to do it they would have to issue their own currency. This can be done legally, as long as they never claim them to be legal tender, the would be more like a bond or a CD.
Even in this case however, it creates a paper trail, and so many years down the road the main offices will get raided and everyone will get notices saying they owe millions in back taxes. If you think I 'm kidding just go do it.
The only way to do it really would be like how they run modern illegal P2P networks. There is no centralised location, no central database. People would deal personally with one another and the pieces of what is basically scrip, would be traded directly. There is nio paper trail and therefore no duties, taxes or anything else. And all this, when it comes to certain businesses, that loss of inventory will have to be explained somehow. They want their fingers in everybody's pies.
When you bake new pies, however secretly, those fingers will eventually come for a slice. Just the facts.
T
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