Have a Few Questions on Digital Money
By TaxiLady
@Ghostlady (533)
United States
May 19, 2024 8:57pm CST
Have a Question..When there is no more cash and only digital money everything in your account is taxed as earned income..at least that what I have been told and read about. SO..When you play the lotter and you win $50 or anything under $500 it is considered Tax Free, But if it is put into your account or on a card whatever..will they automatically know it is tax free, or like they are saying anything you have in your account is taxed..would it be considered income and therefore taxed. There are so many things like that...would there still be Yard/Garage Sales..Marketplace etc? How would that even work? And if there isn't anything like that..how would you get rid of stuff you didn't want anymore? I just don't think the so called New World Order has thought about these things..probably because none of them know much about them. LOL They don't have to..they just put there Junk on the curb, don't need the lottery, and already use credit cards for everything they buy. They need to get out here in the REAL World and see what's up! LOL
8 people like this
7 responses
@kaylachan (59747)
• Daytona Beach, Florida
20 May
While we may being leaning twords a cashless society, I don't see that actually happening. I know at least one place here in Daytona, that's cash-only.
2 people like this
@jefferson126 (3111)
• Shenzhen, China
20 May
Digital money is widespread here for many years,Whether on public bus or metro,we just scan code with celephone,don't use cash any more.We can handle all daily expense just by a celephone.Since we used digital money,there are no more thieves to steel money.Digital money make our life very convenient.
2 people like this
@Ghostlady (533)
• United States
21 May
Not all money is taxed. If I win $50 on a Lottery Scratch off Ticket, I take it to the store and they give me $50 cash. Anything won under $500 is not taxable. If you sell an item at a yard sale..no taxes. BUT..if ALL transactions/sales are put on a digital card...my guess is we will have to pay taxes on stuff we have never had to pay taxes on.
1 person likes this
@LindaOHio (160320)
• United States
20 May
I don't see that happening. At least I hope not. Have a good week.
1 person likes this
@2ndchances24 (5726)
• Cloverdale, Indiana
20 May
Right now with ? in office there's no telling what is going on with
our $ these days, I just wish they'd leave our $ ALONE & stay the
flip out of our business cause they don't know what they are doing.
1 person likes this
@Ghostlady (533)
• United States
20 May
How True! Our Govt just puts bandaids on any problem, then another bandaid when that first one doesn't work. them another one..Just FIX the problem! a person from China said that they have been cashless for a while, and it has cut down on robberies. But they forget the Govt. has control over their money, and could Steal it any time they needed or wanted to. And think about all the Hackers that have already broken into Govt. web sites. There is a way to stop robbers...and retire them for Good!
1 person likes this
@2ndchances24 (5726)
• Cloverdale, Indiana
21 May
@Ghostlady Hell the biggest robbers IS the GOVT, so I totally agree.
1 person likes this
@Ghostlady (533)
• United States
21 May
@2ndchances24 You definitely have that Right!
1 person likes this
@HaruLoid (1300)
• Philippines
20 May
As what I understand so far on how digital money works, if you were able to earn a certain amount that is taxable from a certain website, it will be taxed whenever your tax identification is registered in that website. The payout that you get from that website will be already deducted with the tax. Once you transfer that amount to your bank account or ATM card, no tax deduction will be made, the only probable deduction would be a transfer fee or service fee from the bank.
1 person likes this
