by Dan Steinhart, Casey Research:
The “Bank Account Tax” is coming…
And it could cost you thousands of dollars each year.
If you have a bank account, please take a moment to read this.
You won’t hear about it in the mainstream news…but there’s a way to legally avoid this tax and save yourself thousands of dollars.
Opting out is easy. You don’t have to file a single tax form. You just have to take action while there’s still time.
I’ll tell you exactly how to “opt out” of this new tax in a moment. But first, you need to understand what this tax is and how it came about…
No matter what you think of the U.S. government, you have to admire one thing. The Founding Fathers made a smart move by spreading the government’s power between three separate branches: the executive, the legislative, and the judicial.
Their goal was to make sure no one branch could cause too much damage.
For example, the president can’t legally declare war on China. The Founding Fathers believed that no one man should have the power to start a world war. So they wrote the Constitution to require Congress to approve a declaration of war. We call this a system of “checks and balances.”
To raise taxes, the president must go through similar checks and balances. According to the law, a majority of the 535 members of Congress must vote “yes” to raise taxes.
In other words, the president cannot raise taxes without Congress’ approval.
It has worked this way for more than 200 years.
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.
Even worse, it allows money to be taken directly from your bank account…much like the IRS takes money directly from your weekly paycheck.
You may know this loophole by its more common name, “negative interest rates.”
If you’ve been watching the news, you know negative interest rates are a huge story. The idea of negative interest rates may sound complicated. But I promise it’s easy to understand.
Typically, you earn interest on money you keep in a savings account. With negative interest rates, you pay interest on your own money. And the more money you have in the bank, the more you pay.
It’s a crazy, upside-down policy that could only exist in a world where idiot politicians are in control.
Many governments around the world have already adopted negative interest rates. For example, Japan and several countries in Europe are using negative interest rates.
This means politicians around the world are ordering banks to charge depositors (you) a fee for storing cash.
It hasn’t happened in the U.S. yet. But it will. Janet Yellen, chair of the Federal Reserve, has said the Fed is “taking a look at” negative rates. She also said that negative interest rates “aren’t off the table.”
Of course, the government doesn’t call this a tax. And the mainstream media won’t dare call it a tax. So we’ll do it for them.
Think about it. The government is ordering banks to confiscate money directly from people’s bank accounts. That is a tax. It’s no different than the IRS ordering your employer to take taxes directly from your paycheck.
Negative interest rates are a direct tax on your cash.
Politicians think that by charging you to keep money in the bank, you’ll save less money. Instead, you’ll spend more money on things like smartphones and cars. You’ll invest in things like stocks and real estate.
This would “stimulate” the economy.
This thinking is very, very wrong.
But it’s exactly the type of thing Big Government types like Hillary Clinton and Donald Trump will do in a financial emergency.
If Clinton wins the election, she may not even wait for an emergency…we might see negative interest rates by next year.
Right now, you may be thinking that there’s an easy way around this tax…that you can pull cash out of the bank and keep paper dollars in your home. If your money isn’t in the bank, the government can’t tax it with negative interest rates.
If that’s what you’re thinking, you’re absolutely right. The government can’t reach your cash if you keep it at home.
And politicians know this.
That’s why governments are banning paper cash.
In just the past few years…
Spain banned cash transactions over 2,500 euros.
Italy banned cash transactions over 1,000 euros.
France banned cash transactions over 1,000 euros, down from the previous limit of 3,000 euros.
Earlier this year, 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. We’ll 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 government central planners.
Whether you agree with these regulations or not, the conclusion is obvious:
By driving us more and more towards trackable digital payments, the government has made it much, much easier to confiscate our wealth.
How to “Opt Out” of Hillary’s Cash Tax
Democrats pay lip service to helping the middle class. Although this plays well with voters, it’s complete garbage. Hillary’s Bank Account Tax will hit the middle class hardest of all.
The reason is simple. Wealthy people own a lot of stocks, bonds, and private businesses. They own a lot of art and real estate. Wealthy people tend to keep a large portion of their wealth in assets other than cash.
The middle class, however, tends to keep a larger percentage of wealth in cash. Their assets are ripe for the taking by desperate politicians.
But no matter how much cash you have, there’s one important thing to know.
Negative interest rates and the coming ban on cash will cause people to panic. They will cause an exodus out of cash.
People will search for something…anything…that will hold its value. Something that cannot be easily confiscated by the government.
People will turn to gold and silver.
Gold and silver have served as money for centuries. Gold is the ultimate currency because it doesn’t rot or corrode…it is durable…easily divisible… and it’s portable. It also has intrinsic value…is consistent around the world…and it cannot be created from thin air.
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