OZschwitz: Cash crackdown boss floats nano-chips in notes

THE man charged with cracking down on the “black economy” has revealed how he would like to keep track of your $100 and $50 notes.

Hi-tech nano-chips would be implanted in Australia’s “disappearing” cash under a plan floated by Michael Andrew, the head of the federal government’s Black Economy Taskforce.

Speaking to The Courier-Mail, Mr Andrew said too much cash was being hoarded under pensioners’ beds and stockpiled as a trusted currency in China.

Estimates for the size of Australia’s so-called black economy vary from $23 billion to $50 billion. The government claims tax avoidance through cash payments costs the budget up to $10 billion in revenue, money that could go towards funding welfare and other services.

In the May budget, the federal government announced an extra $32 million funding for the Australian Taxation Office to fund its cash crackdown, which it expects to bring in an extra $589 million in revenue over the next four years.

http://www.news.com.au/finance/economy/australian-economy/cash-crackdown-boss-floats-nanochips-in-notes/news-story/05db2212948c7d02e822532de63c170d

OZschwitz: Cash crackdown boss floats nano-chips in notes

OZschwitz: Cash crackdown boss floats nano-chips in notes

Anarcho-Capitalist Categorical Imperatives

AnCaps' Laissez-faire Free Trade Zone