What does our UK contingent...

[j2k4]

...think about this:

http://www.cnbc.com/id/39265847/comid/3#comments_top

[megabyteme]

I believe this is relevant to all of us. And I think it has several different implications depending on which "hat" we are wearing:

As an American, I feel it is highly intrusive. How would this instant info change how Social Security/Welfare benefits be distributed. Instead of quarterly/yearly updates, could one be cut off instantly for working too much overtime?

As an employee, I feel it distances me from easy correction of errors. With banks charging HUGE fees for overdrafts, and many of us living mostly check-to-check, this could be a major concern. One that there would be no recourse for.

As a taxpayer, I can see the benefits to "the system" of having accurate, up-to-date accounting info. Everyone cries fro "balanced budgets", this might be a step in the right direction.

As an employer (I'm not), I could see some changes involving good and bad months. How often do businesses need to "dip" into the money reserved for quarterly taxes to make ends meet? This happens, right? Wouldn't it be devastating to a small business to no longer get to utilize that now-available resource?

I remember being able to "float checks" based on the delay it used to take banks to transfer/claim money from each other. As the banking system became quicker, this was no longer possible. Shouldn't the government be quicker in collecting the taxes it uses to provide services?

So, for me, this is a bit mixed, but a very worthy topic for discussion. I am certain we will all find ourselves involved in a similar situation before too long.

[j2k4]

I think this boils down to a few salient questions:

Do you feel you, as a free individual, should be subservient a "system"?

A system formulated and operated by those we generously refer to as "politicians"?

I, for one, do not.

[megabyteme]

Like it, or not, we are part of a system. And there certainly are benefits to being part of our system. Many other countries have completely corrupt, and inefficient governmental systems.

Some refinement and efficiency is a good thing.

However, just the same as I do not want the "efficiency" of a security camera on every corner, and every mile of highway, I do not want the government to be the direct controller of all payroll and the first hand in the cookie jar.This "wiggle room" in our system makes it imperfect, but it feels a lot more like freedom than one with absolute security and accounting practices.

[bigboab]

Do you feel you, as a free individual, should be subservient a "system"?

It is the rich who will do do somersaults to avoid paying taxes that evoke the thought of this type of taxation.

As for being 'subservient' to a system. What about the kids fighting in Iraq and Afghanistan who are taken from their homes and made to fight and die thousands of miles from home. Unlike prisoners, they are not allowed visits from their relatives or allowed to sue the state if the toilet rolls are not good enough quality.

[999969999]

This is scary. I hope the United States is a long way from doing something like this.

I can see how the government might do this with large employers like Wal-Mart or McDonalds, but I wonder how it would work for something like cattle ranching? Would our customers have to pay the government for our grass fed beef and then we would have to wait for the government to pay us after taking out taxes and other fees? What a mess!

[j2k4]

Do you feel you, as a free individual, should be subservient a "system"?

It is the rich who will do do somersaults to avoid paying taxes that evoke the thought of this type of taxation.

I don't know how things are over there, Bob, but over here somersaults (outside any gymnastic context) are generally looked upon as a sort of celebratory...exultation.

As for being 'subservient' to a system. What about the kids fighting in Iraq and Afghanistan who are taken from their homes and made to fight and die thousands of miles from home. Unlike prisoners, they are not allowed visits from their relatives or allowed to sue the state if the toilet rolls are not good enough quality.

Truth, now-

You sue Blighty over toilet rolls?

What do you get if you win?

[j2k4]

I can see how the government might do this with large employers like Wal-Mart or McDonalds, but I wonder how it would work for something like cattle ranching? Would our customers have to pay the government for our grass fed beef and then we would have to wait for the government to pay us after taking out taxes and other fees? What a mess!

Oh, there is so much more to this than you've alluded to - it's already happening, and it's been going on for quite some time.

Our government already can do/does the former - there is a difference, however, between the risk of it happening (an audit, perhaps), and making it a government imperative.The latter literally infests our tax code; anything referred to as a credit qualifies.

[bigboab]

It is the rich who will do do somersaults to avoid paying taxes that evoke the thought of this type of taxation.

I don't know how things are over there, Bob, but over here somersaults (outside any gymnastic context) are generally looked upon as a sort of celebratory...exultation.

As for being 'subservient' to a system. What about the kids fighting in Iraq and Afghanistan who are taken from their homes and made to fight and die thousands of miles from home. Unlike prisoners, they are not allowed visits from their relatives or allowed to sue the state if the toilet rolls are not good enough quality.

Truth, now-

You sue Blighty over toilet rolls?

What do you get if you win?

Probably a roll of paper with the queens head printed on it. I was oversating slightly. They have sued and won a lot of money because some of the antiquated prisons did not have proper toilet facilities and they were still required to 'slop out'.

Back on track:-

These proposed systems could be O.K. if correctly implemented. A massive blunder was made recently by HRMC, resulting in confusion as to who owns what and to whom.

http://www.dailymail.co.uk/news/arti...s-mistake.html

[j2k4]

All I see is the slippery slope of outright socialism.