TheMcs
Full Member
- Nov 15, 2012
- 117
- 23
- Primary Interest:
- All Treasure Hunting
I saw an article a while back that I cannot find again. Could have been here.
Essentially, a libertarian small business owner offered to pay his employees in silver. Specifically in American Silver Eagles.
Simplified example;
Employee makes $300/week
Silver is at $30/oz
Employer gives employee 10 ASEs, and shows that then employee's income for the week was $10 (ASEs are legal tender, face value $1).
My buddy and I were poking holes in this idea, I was curious about the feedback here.
pros;
low, if any, taxes
potential for your "paycheck" to appreciate by the time you cash it
cons;
assuming Social Security stays funded, you're hosed in old age if you weren't smart with the silver
selling your ASE at lower than spot to get money for bills
potential for your "paycheck" to depreciate by the time you cash it
Seems to be a logistical nightmare in making this work. Can the employer show he spent $300 on payroll while the recipient shows they only received $10?
If the company is large enough, then minimum wage comes into play.
Any thoughts? Anyone have more knowledge of this? Seems like an interesting loophole. Of course, I can't see talking my HR into doing this for me.
Essentially, a libertarian small business owner offered to pay his employees in silver. Specifically in American Silver Eagles.
Simplified example;
Employee makes $300/week
Silver is at $30/oz
Employer gives employee 10 ASEs, and shows that then employee's income for the week was $10 (ASEs are legal tender, face value $1).
My buddy and I were poking holes in this idea, I was curious about the feedback here.
pros;
low, if any, taxes
potential for your "paycheck" to appreciate by the time you cash it
cons;
assuming Social Security stays funded, you're hosed in old age if you weren't smart with the silver
selling your ASE at lower than spot to get money for bills
potential for your "paycheck" to depreciate by the time you cash it
Seems to be a logistical nightmare in making this work. Can the employer show he spent $300 on payroll while the recipient shows they only received $10?
If the company is large enough, then minimum wage comes into play.
Any thoughts? Anyone have more knowledge of this? Seems like an interesting loophole. Of course, I can't see talking my HR into doing this for me.