Ecash Act is a new legislation that requires the Federal Reserve to issue digital dollars instead of paper currency, and it will…
Ecash Act is a new legislation that requires the Federal Reserve to issue digital dollars instead of paper currency, and it will eventually lead into cancelling paper currency reserves by first stopping the printing paper currency. On Monday the 28th of March 2022 Reps. Stephen Lynch, Jesús Chuy Garcia, Ayanna Pressley and Rashida Tlaib have introduced the electronic currency and secure hardware act shortly Ecash Act. They are all Democrats. This act includes powers far more than just creating a digital currency for example it cleverly strips the Federal Reserve of its authority to create the money but rather the authority to create currency would be switched to he US Treasure which is fully controlled by the White House. The treasury would distribute the currency directly to the public via secured hardware devices without the intervention of the fed. The catch is that it will be completely anonymous and separe from transparent and trackable cryptocurrencies build on blockchain, however individuals would be restricted to having a maximum of $2000 which would mean that all the currency would have to be deposited into an account thus it would cancel paper currency on its own and would result in everyone having just digital dollars that are easily taxable and reasonable thus increasing surveillance and controlling the public even further.
“The sales pitch is this will still serve people who are unable to hold bank accounts due to minimum balance requirements, or those who do not trust banks because banks may charge fees or freeze funds. However, what they are not telling the press is there will be limits so you can not move $1 billion to ECASH try $2,000.”
At the same time Biden is calling for a “Billionaire Minimum Income Tax,” of 20% minimum tax rate on U.S. households worth more than $100 million, even though they are not billionaires. The sales pitch is typically Marxist where the minimum tax would make sure that the wealthiest Americans no longer pay a tax rate “lower than teachers and firefighters.” To the Democrats, the problem is always the rich not that they spend more than they have and constantly bribe the public to pretend they are Santa Claus. They claim this will reduce the deficit by about $360 billion in the next decade. What they are NOT telling the people is this is Elizabeth Warren’s WEALTH TAX. So anyone who pays less than 20% will have to “top-up payment” to meet the new minimum. However, the DANGER here is that “this new minimum tax will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations.”
That means if you own a company or even a house, and the CURRENT market value rises to whatever the IRS uses, guess what, you will have to pay 20% tax on the value of your stocks, company, or your home. This is the alternative to his attempt to track every $600 transaction to get those evil billionaires who they seem to define as everyone but themselves.
Just as now EVERYONE must file income tax or go to prison, the WEALTH TAX will also come down as they constantly need more money. So if your house doubled in value, you will have to pay 20% of that value to the IRS even if you did not sell it. And then, if it drops by 50% next year, you will NEVER get a refund.