I reported on the Private Blog that I had a copy of the legislation and I was told it would be introduced today – Monday 28th. That info was correct. Well, here it is!. Reps. Stephen Lynch (D-Mass.), Jesús Chuy Garcia (D-Ill.), Ayanna Pressley (D-Mass.), and Rashida Tlaib (D-Mich.), all Democrats, have introduced the “Electronic Currency And Secure Hardware Act” (ECASH Act) that does far more than just creating a digital currency. This Act cleverly strips the Federal Reserve of its authority to create the money. I wrote:
Next week there will be a bill introduced which will be entitled ECASH (Electronic Currency and Secure Hardware Act. This is in response to President Biden’s Executive Order on Ensuring Responsible Development of Digital Assets to develop the digital dollar design, including assessments of financial inclusion, possible benefits and risks for consumers, existing payment systems, and national security.
ECASH is very clever for it is actually transferring the creation of the currency from the Federal Reserve to the US Treasury or in other words the White House. The Treasury will distribute DIRECTLY to the public via a secured hardware device which will be something along the lines of like a vending machine. All of those who have created conspiracy theories about banks that own the Fed will now have to switch their theories for the creation of money will now reside in the White House.
Here is the catch, it will be anonymous so it will not be trackable like Blockchain cryptos. People will cheer that, but there will be that infamous Catch 22. Individuals may be restricted to having a maximum of $2,000. That means all money will need to be deposited so it is a covert way of canceling the currency. But they are not dealing with that issue just yet. The end goal here is to force all money to be above board for the purposes of taxation. So it may actually result in creating more of a barter economy.
There will be no centralized ledger or distributed ledger for it will be non-traceable thereby better than crypto. It is to utilize secured hardware software and it’s issued by the Treasury which eliminates the Federal reserve putting the creation of money in the hands of the White House. They are clever for this will be fully anonymous transactions just like paper money today rather than Blockchains that are designed to track every transaction, which means the government can therefore tie every transaction to the sender and receiver.
This will not change the banking requirements of know-your-customer rules. The ECASH you will get via a bank account, peer-to-peer transaction. Thus, retail will not change from the currency acceptance of cash. 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.
Simultaneously, Biden is introducing the “Billionaire Minimum Income Tax,” imposing a 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.
They used the same clever trick to get the income tax passed back in 1913. Only evil people who earned more than $3,000 a year would have to pay. Of course, $3,000 in 1913 was 150 $20 gold coins and that at $2,000 an ounce today is $300,000. So they pitched it as targeting the millionaires, but it came down to less than the millionaire just as they are doing today with the billionaires.
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.
So the hatred of anyone who has more than the lower homeless person is always on their agenda. They will continually change the definition of the rich until everyone who has a job is now the “privileged” rich.
During the Great Depression, this vile group who looks down upon society from above was defined as those who made $5 million. That collapsed to $250,000. The definition will ALWAYS be redefined to maximize their revenue whenever they need it.
Anyone who votes against it will be targeted as supporting Zuckerberg, Gates, etc. WEALTH TAX will destroy the foundation of America, end the benefits of investing for retirement, and serve as the final nail in the coffin of the United States.