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catoismymotor (< 20)

All States That Allow You To Pay Cash For Second Hand Items Please Step Forward...

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October 19, 2011 – Comments (11) | RELATED TICKERS: DE , RP

...Not So Fast Louisiana.

 

11 Comments – Post Your Own

#1) On October 19, 2011 at 2:49 PM, PeteysTired (< 20) wrote:

One step closer to a totally electronic economy.  It is getting harder and harder for the underground economy to make a buck :)

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#2) On October 19, 2011 at 3:33 PM, outoffocus (23.49) wrote:

This is disturbing...

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#3) On October 19, 2011 at 4:39 PM, GNUBEE (24.25) wrote:

Wonder how they plan to circumvent federal law?

Coinage act of ' 65........31 U.S.C. § 5103.

(you all know this as the "all debts public and private" on your Federal Reserve Note (aka Cash) 

 

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#4) On October 19, 2011 at 4:56 PM, GNUBEE (24.25) wrote:

Oh, and if its not obvious....Louisiana is simply trying to capture lost tax revenues.

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#5) On October 19, 2011 at 8:44 PM, Frankydontfailme (27.77) wrote:

Mind numbing. 

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#6) On October 19, 2011 at 9:54 PM, ikkyu2 (99.14) wrote:

Wow.  When I was a kid people used to predict that this day would come.  I thought they were right wing lunatics.

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#7) On October 20, 2011 at 11:20 AM, amassafortune (29.62) wrote:

If they really were concerned about helping the police track stolen goods, why not just keep those convicted of theft in prison longer? Because that would increase tax expenditures on prisons and this is a tax revenue enhancement move. 

Note the exemption for pawn shops that have a pretty good lobby in place (campaign contributions) and a history of cooperating with local authorities. 

Why not require that restaurant tips can only be transacted electronically and not in cash?

The neighborhood kids who mow your lawn or babysit will have to swipe your card on their cell phones in a few years. 

As crazy as this is, expect support from public employees who will back any revenue increasing action before they agree to managed health care or moving away from defined payout pensions. Ironically, many private sector working-class people have been forced to second-hand sellers to stay afloat.

A flat tax nationally, and state sales tax vs. income tax would capture much of the underground economy that bypasses taxes, but those methods are viewed as anti-business. There is also online tax that keeps getting postponed. This Louisiana law targets the least politically organized. Take it from the bankers and unions - the more organized you are, the less you will be messed with.      

 

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#8) On October 20, 2011 at 12:10 PM, leohaas (31.21) wrote:

There is no way this would survive a constitutional challenge by anyone from out-of-state trying to sell a used item in Louisiana, because it interferes with interstate commerce. Per our Constitution, that is the prerogative of the Federal Government.

Maybe Congress could create a law like this, but individual states definitely cannot.

In addition, the U.S. Constitution has a Coinage clause. I am fairly sure this kind of law violates it.

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#9) On October 20, 2011 at 6:24 PM, blesto (30.88) wrote:

If that 'law' doesn't get challenged in the courts and isn't repealed, it will set a bad precedent for the rest of the country.

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#10) On October 25, 2011 at 12:17 PM, leohaas (31.21) wrote:

As I have no intention of selling used goods in Louisiana, I lack standing. No doubt there are boatload of folks out there who do. The question is: are they willing to challenge this in court?

So maybe the Obama administration needs to pick this up, just like they are fighting state-sponsored anti-immigrant laws.

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#11) On October 25, 2011 at 12:23 PM, amassafortune (29.62) wrote:

Some would claim, leo, that is also motivated by standing.

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