Spain Confiscates 0.03% Of All Bank Deposits For Economic Growth & Job Creation

[EE_]

Spain Confiscates 0.03% Of All Bank Deposits For Economic Growth & Job Creation


(Libre Mercado) The government approved on Friday a decree-law that economic boost set at 0.03% tax on bank deposits in the whole of Spain , with a tribute that had some autonomous communities and the Executive spread throughout the Spanish territory in 2013 , but until now had a rate of 0%.

The announcement was the Deputy Prime Minister Soraya Saenz de Santamaria, following the meeting of the Council of Ministers , which has given the green light to this Decree and other standards for economic, according to the minister, boost economic growth and job creation .

The government introduced the bill in the State Budget for 2013 a tax on bank deposits to zero to clear those dues in the three communities that were applying (Extremadura, Andalusia and the Canary Islands), and later announced that it would establish a type very small in the whole of Spain to compensate for the collection of these three regions, levy had not noticed until this Friday.

According to the Government, the creation of the new state tax, you must pay financial institutions, seeks deposits from banks receive a uniform tax treatment and the financial system does not lose efficiency. The aim is therefore “promote and ensure” market unit, according to the executive.

Less commissions on credit cards
Moreover, the government has announced a package of regulations to raise the competitiveness of businesses including trade support measures are. A major is limited to a maximum of 0.3% the fees charged to merchants by shopping card customers.

Thus, the fees credit cards have a limit of 0.3% on the value of the transaction and the debit of 0.2% . Currently, the average rates of exchange for purchases on the same network, according to recent data from the Bank of Spain in the fourth quarter of 2013, the stretch from zero to one hundred million represent a percentage of 0.74% credit Debit and 0.3% per transaction .

The Deputy Prime Minister Soraya Saenz de Santamaria , explained that the bill “expressly prohibited” that banks will move to its customers the cost of the limitations of the commissions.

[mick silver]

when will it start here

[Spectrism]

.03% is extremely small. On $100, for example, that would be 3 cents. On $100,000 that would be $30.

[Sparky]

Are they already taxed on interest income?

In essence, the U.S. already taxes bank deposits, but it is variable based on taxable income and prevailing rates. This is accomplished by treating bank interest as taxable income.

Let's say the average interest on all U.S. bank deposits right now is 0.5%. The average American family is in the 15% federal tax bracket. So on average, Americans pays 0.075% on bank deposits, which is double the Spain tax. But perhaps Spain already taxes interest also.

[Twisted Titan]

You are a jackass of the first order if you leave a single dime of your savings in banks.

Never has it felt so good to hold 3 silver mercury dimes in my left hand secure in the knowledge i will lopp your rapacious claw clean off if you attempt to take it.

[mick silver]

"If you don't hold it, you don't own it"... Ponce ... some will never learn this '... mick silver

[Spectrism]

We are less than a year away from the devils requiring that everyone have a "bank account" from which all transactions are electronically logged (at first) and later to be required. No transactions, that is, transfer of values, will be allowed without ownership being electronically registered. These will be subject to audits to ensure people are not gaming the system with cheaper prices than fair market value- with extreme punishments for "offenders".

Be ready to go off grid and off "money" very soon. Start thinking that way.

[mick silver]

Be ready to go off grid and off "money" very soon. Start thinking that way. been trying to live this way almost everyday now ... wife and mom will be canning all week long

[madfranks]

.03% is extremely small. On $100, for example, that would be 3 cents. On $100,000 that would be $30.

I wonder, if I tried to steal money from someone, but I told them I would only be stealing an extremely small amount, if that makes it OK.

[Serpo]

Dont worry , America will leave .03% and take the rest.

[Jerrylynnb]

I've noticed something for some time now that is worrying me, but I don't know if I am just persnickety, or, if I am on to something. Please advise.

Mostly, I use my card for ordinary purchases (and pay it off each month), but, I do like to carry nominal cash for times when the purchase is small, or when cash if more appropriate (almost never any large transactions). So I go to the bank on occasions and withdraw a couple hundred dollars of cash.

What worries me is that I get used up bills, almost like somebody wants to discourage depositors from holding cash in their wallets. I ask for better (newer, crisper) bills, and I get an unpleasant response, and the alternate bills I get are just as worn out (even torn in places, or faded way too much) as the ones I objected to.

Could there be an unwritten dictate to use the oldest, almost-ready-for-burning, paper bills (of ALL DENOMINATIONS), so as to discourage depositors from withdrawing cash? Many years ago, when I would withdraw cash from my bank (in another town), I usually got crisp, brand-spankin'-new bills. Now I don't think they have any new bills at all (I watch when she pulls out the bundle from which she counts out my amount, and they all look like they're ready for the fire heap.

What gives with this insistence on giving out fizzled, frazzled, torn, faded, very OLD bills when depositors want cash?

[MNeagle]

Go to an ATM if you want crisp bills.

[Glass]

I've noticed something for some time now that is worrying me, but I don't know if I am just persnickety, or, if I am on to something. Please advise.

Mostly, I use my card for ordinary purchases (and pay it off each month), but, I do like to carry nominal cash for times when the purchase is small, or when cash if more appropriate (almost never any large transactions). So I go to the bank on occasions and withdraw a couple hundred dollars of cash.

What worries me is that I get used up bills, almost like somebody wants to discourage depositors from holding cash in their wallets. I ask for better (newer, crisper) bills, and I get an unpleasant response, and the alternate bills I get are just as worn out (even torn in places, or faded way too much) as the ones I objected to.

Could there be an unwritten dictate to use the oldest, almost-ready-for-burning, paper bills (of ALL DENOMINATIONS), so as to discourage depositors from withdrawing cash? Many years ago, when I would withdraw cash from my bank (in another town), I usually got crisp, brand-spankin'-new bills. Now I don't think they have any new bills at all (I watch when she pulls out the bundle from which she counts out my amount, and they all look like they're ready for the fire heap.

What gives with this insistence on giving out fizzled, frazzled, torn, faded, very OLD bills when depositors want cash?

We had periods like that too. Both times it has been just before they phased out either the denomination or the whole of currency. They replaced all of our currency in the early 1990's I think it was. Trying to remember when exactly.About 20 years ago. Before that we had paper notes like the US. Now we have plastic ones.

Do you have access to a Hole in the Wall, ATM? I think they need pretty tidy notes to ensure they count right and don't get jammed up.

[Jerrylynnb]

About twenty years ago, I took my final contract, for which I was getting paid some very high fees (I'd never earned so much money in my life). The bank on which the check to me was drawn was nearby, so, just to prove a point, I would take that check right over to that bank and withdraw the entire amount in cash - then I'd march right down to my own bank and make a cash deposit (I just wanted to prove a point there, and I'm still not sure what drove me to be so stubborn). Anyway, the bills I was given (of all denominations up to $100s), were always new and mostly brand-new.

But that was 20 years ago, so, I am wondering now if a new agenda is in the air to where the FEDs don't want folks actually withdrawing cash from their very own deposit accounts, and they don't want people to actually cash a check, but, instead, to deposit it in their own checking accounts. Almost like they want to keep the amount of actual cash (in the form of folding bills in your wallet) down to a minimum. Am I imagining things?

[Jerrylynnb]

I am from the very OLD SCHOOL - I never liked those ATM's thingies.
I insist on walking up to the teller, showing my face and my check,
and watching her count out the cash while I watch. Using an ATM
machine somehow makes me cringe - I don't know why but I'd
rather not (maybe because I know you can't argue with a machine
in case something goes wrong - I worked with mainframe computers
for 35 years and I know for a fact things can definitely GO WRONG).

[EE_]

I've noticed something for some time now that is worrying me, but I don't know if I am just persnickety, or, if I am on to something. Please advise.

Mostly, I use my card for ordinary purchases (and pay it off each month), but, I do like to carry nominal cash for times when the purchase is small, or when cash if more appropriate (almost never any large transactions). So I go to the bank on occasions and withdraw a couple hundred dollars of cash.

What worries me is that I get used up bills, almost like somebody wants to discourage depositors from holding cash in their wallets. I ask for better (newer, crisper) bills, and I get an unpleasant response, and the alternate bills I get are just as worn out (even torn in places, or faded way too much) as the ones I objected to.

Could there be an unwritten dictate to use the oldest, almost-ready-for-burning, paper bills (of ALL DENOMINATIONS), so as to discourage depositors from withdrawing cash? Many years ago, when I would withdraw cash from my bank (in another town), I usually got crisp, brand-spankin'-new bills. Now I don't think they have any new bills at all (I watch when she pulls out the bundle from which she counts out my amount, and they all look like they're ready for the fire heap.

What gives with this insistence on giving out fizzled, frazzled, torn, faded, very OLD bills when depositors want cash?

You're not alone. I periodically withdraw cash and I ask for an assortment of 5's 10's and 20's. I like to keep a stock of small bills these days. Almost all of these bills look like they came out of some wine-o's pocket.
Maybe you're right, they are trying to discourage their use and make currency look like an outdated way to conduct transactions.
Don't think for a minute the Jews haven't thought through everything when it comes to their money.
I know they want everything to go digital and sent through your jphone.

Another thought, maybe there is a shortage of small bills because people are hoarding them? Small bills are still the only way to do small transactions in the black market and tax free sales between people. Didn't Argentina run out of small denomination currency and people were paying a premium to get them?

[Sparky]

Regarding the condition of FRNs...

I started a thread on this a little over a year ago. (Are circulating FRNs getting crummier (http://gold-silver.us/forum/showthread.php?67770-Are-circulating-FRNs-getting-crummier)?) My theory on this is that banks are slower to take them out of circulation, probably at the guidance of the Federal Reserve of the Treasury, because they are increasingly costly to replace. Say what you will about FRNs, but they are of tremendous quality in terms of material and printing. It's one of the things that maintain the perception that they have real value. This is not by accident.

Regarding ATMs, they used to supply fresh FRNs. But I've noticed that they also are dispensing FRNs of lesser quality over the last couple of years. I think that technology has improved such that they don't need to be crisp in order for the machine to work properly.

[madfranks]

Whenever I hit my local bank for cash, lately it's been those new $100s, crisp and clean like they are brand new. I rarely get deteriorated bills from my bank.

[Sparky]

Whenever I hit my local bank for cash, lately it's been those new $100s, crisp and clean like they are brand new. I rarely get deteriorated bills from my bank.

Oh, you mean those new $100s with the RFI tracking chip? ;)

[madfranks]

Oh, you mean those new $100s with the RFI tracking chip? ;)

Are you kidding or serious?

[Sparky]

Oh, you mean those new $100s with the RFI tracking chip? ;)


Are you kidding or serious?

I'm half-kidding. There's been no indication of such a chip, but I think none of us would be surprised. Two-thirds of all US paper currency is held abroad, and most of that in the form of 100 dollar bills. If the gov't wanted to isolate the activity of foreigner holders, or of underground domestic operations, tracking $100 FRNs seems a logical choice.

Release of the new 100s was delayed a year due to "production problems", identified as creasing during printing. Hmmm.

P.S. A significant development would be if the Treasury were to "call in" all outstanding old notes, to be replaced by new notes. (I'm not talking about a dollar revaluation; simply an exchange of paper.) I expect this will happen at some point, explained as an anti-counterfeiting measure. I've always wondered how all the anti-counterfeiting features in new money is really helpful, if the counterfeiters can simply counterfeit the old style, which remains legal tender. I've never heard this discussed. A recall of paper money printed prior to the implementation of the new features in 2003 seems inevitable. It's probably easier to allow a natural turnover over a number of years, after which a recall is implemented. The new 100s came out just last year, so they will probably wait several years for a natural turnover to take place, after which they will go after all the "stashed" currency via recall.

[madfranks]

Interesting thought, Sparky. I agree that the delay and "creasing problems" are suspicious, but have you held one of the new 100s yet? They have this thick hologram stripe which in fact is hard to crease, so maybe they improved it, but never really solved it. If they ever do call in all the old notes to be replaced with new notes with this thick stripe, I'd be very suspicious on their reasons why.

[Half Sense]

What happens if you microwave one of those new 100's? Does the microchip explode?

[madfranks]

What happens if you microwave one of those new 100's? Does the microchip explode?

I don't know if there is a microchip, but I'll microwave one just to see. :)

[madfranks]

I put one of the new $100's in the microwave for 60 seconds, and nothing happened.