carry tax


carry tax
(CAYR.ee taks)
n.
A tax imposed on the currency holdings of individuals and companies, particularly banks.
Example Citation:
The most egregious examples of governmental invasion of privacy relate to two of the most intimate areas in life — your money and your body. In September 1999, Marvin Goodfriend, a senior vice president at the Federal Reserve Bank of Richmond, proposed that government use new technology to penalize citizens who do not spend their cash as fast as government wanted. " The magnetic strip (in new U.S. currency) could visibly record when a bill was last withdrawn from the banking system. A carry tax could be deducted from each bill upon deposit according to how long the bill was in circulation."
— James Bovard, "Rise of the Surveillance State," The American Spectator, May 2000
Earliest Citation:
US currency should include tracking devices that let the government tax private possession of dollar bills, a Federal Reserve official says. . . .The 34-page paper argues a carry tax will discourage 'hoarding' currency, deter black market and criminal activities, and boost economic stability during deflationary periods when interest rates hover near zero.
— Declan McCullagh, "Cash and the 'carry tax'," Wired News, October 27, 1999
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