They want kyc because they want to know exactly how much money you have and how you use it AND tax you to death... I remember during covid in Canada they froze bank accounts of who protested...
You are viewing a single comment's thread from:
They want kyc because they want to know exactly how much money you have and how you use it AND tax you to death... I remember during covid in Canada they froze bank accounts of who protested...
Someone told me yesterday that in a different country (I won't say which, although it's a big one in Europe), they tax 60% of any cash you have at the bank at the end of every year, with the reasoning that if you have cash, you should invest it and not keep it as cash. That sounds ok at first hand to force investments which in turn produce more value in the economy, but why force such a tight deadline? What if the best investment on the short-to-medium term (in the fiat world) is cash on hand and you force me to invest at the worse possible moment? Plus, some cash holders are risk averse and are holding cash or similar products because they don't want to take risks in other types of investments. They lose on inflation, but they wouldn't get slashed 60%+inflation every year, as it is the case there.
60%??? That's crazy, it's a theft, I'm supposed to do what I want why my money (already taxed)
Yeah... I was perplexed too. The guy keeps buying apartments from what I've been told to avoid paying this tax or at least to not have much cash at the bank to be taxed.
I wonder if they would tax if you spend everything to buy gold
I don't know the specifics. There may be a threshold from where this kind of tax is applied, as this guy has high revenues and is not a big spender. While I know him personally and we meet occasionally, we never talked about such stuff directly.