And just like “gun control”- Because some bad people do things with firearms everyone should lose their God given rights to posses and use firearms.
How will this affect the legitimate small new home builder who has to purchase property in the name of an LLC for liability protection in this litigious society?
It looks like it just forces them to say who is running the LLC, trust or corp. which should be public information, probably isn't in some places. I don't think it prevents the sale.
Today I send a guy to the bank to deposit some income. It included $2,000 in cash. The bank made him provide his SS# and driver’s license. Keep in mind he routinely deposits much more than that weekly in checks. At the same bank. While our politicians are stealing millions from the system. There is something wrong with this picture.
They should already have this. LLCs are created at the state level, which has ownership information, generally including Tax ID numbers. It's literally public information, most of it online.
Hoover up all of that information and produce a document or map of mal-holders.
There are already anti-money laundering laws on the books that financial institutions, lending organizations, high-end luxury goods dealers have to adhere to when it comes to purchases and loans for real estate, vehicles, expensive watches and such by buyers using cash, an LLC or a corporation.
It is their duty to know who the human customer is behind those transactions and who it os that controls the LLC or corporation. It is mandated by law to do so.
That information is already being reported to the federal government by law.
And this new proposal will do what to change any of that?
More rules, laws and regulations that are almost all exactly the same as all of those already on the books is not the answer to anything, it's the sppearance of "doing something".
Most of these cash buyers (atleast out here) are CCP princelings.
California full of these princelings. After they did that, they turned them into Airbnb managed by college students from CCP on student visas.
They are most probably the places used for human trafficking and what not, who knows
Most probably.
Im a cash buyer
You should not have any problem proving your cash is not result of a criminal syndicate.
presumption of innocence
That only applies to criminal cases afaik.
blackrock, vanguard, and state street all fell to their knees in a walmart parking lot in unison
I sure hope they do and scraped their knees.
it does feel like a shot across their respective bows though, doesn't it?
Give them some time to escape.
And just like “gun control”- Because some bad people do things with firearms everyone should lose their God given rights to posses and use firearms.
How will this affect the legitimate small new home builder who has to purchase property in the name of an LLC for liability protection in this litigious society?
There is no such thing as a free lunch.
It looks like it just forces them to say who is running the LLC, trust or corp. which should be public information, probably isn't in some places. I don't think it prevents the sale.
Today I send a guy to the bank to deposit some income. It included $2,000 in cash. The bank made him provide his SS# and driver’s license. Keep in mind he routinely deposits much more than that weekly in checks. At the same bank. While our politicians are stealing millions from the system. There is something wrong with this picture.
Not many Americans running around with half a million in cash!
They should already have this. LLCs are created at the state level, which has ownership information, generally including Tax ID numbers. It's literally public information, most of it online.
Hoover up all of that information and produce a document or map of mal-holders.
You can hide the real owners.
Its hidden by stacking LLCs deep enough that you tire out those who are chasing detail.
They do not have to show the real owner, actually on the registrar. They can have representatives such as the attorney or someone else.
This is nothing new?
There are already anti-money laundering laws on the books that financial institutions, lending organizations, high-end luxury goods dealers have to adhere to when it comes to purchases and loans for real estate, vehicles, expensive watches and such by buyers using cash, an LLC or a corporation.
It is their duty to know who the human customer is behind those transactions and who it os that controls the LLC or corporation. It is mandated by law to do so.
That information is already being reported to the federal government by law.
Only if the reporting agency is not corrupt, you mean?
And this new proposal will do what to change any of that?
More rules, laws and regulations that are almost all exactly the same as all of those already on the books is not the answer to anything, it's the sppearance of "doing something".
Hopefully it is not just for show