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Cash is Gone. WeChat is King in China.
According to Business Insider, “WeChat is quite simply a ubiquitous part of daily life in the country.” The news outlet reports, “You won't leave WeChat even if you want to, because you can't buy anything in modern China without it. Chinese retailers have gone cashless and mostly accept payments via WeChat's digital wallet service, WeChat Pay. …In China's walled garden of apps for cashless convenience, WeChat is king.”
With a government-controlled app for all of services in China, it’s easy for the CCP to punish citizens who speak out against the government by locking them out of their banks and their lives. Do Americans want this same digital platform in the U.S.?
Even if you got 5% back on all credit card purchases, to get $10k back you would have to spend $200k per year using credit cards. At 4% cash back you would need to spend a quarter million. Also, if any of those credit card purchases are for business expenses, those rebates are not tax free.
100% tax free. W-2 employee.
WookieMan says
100% tax free. W-2 employee.
WookieMan How does that work? You make corporate charges as a W-2 employee, but are allowed to keep the money back on those charges?
This is why we should have pure silver by weight as currency. The pound.
The company reimburses them for the expense, but he gets to keep free points from the credit cards as it is his personal credit card. It's all legit.
If you use a credit card for reimbursable business expenses, that "cash back" is counted as taxable income for those reimbursed expenses.
I note you put that in quotes
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They have a window where you can order a beer while you are waiting. So I ordered a beer and they refused to take cash.
OK, I wanted the beer, so I paid with a credit card. Then the total had an extra $1.50 on it. I asked about that and was told that I added a tip. I specifically did not add a tip because I was pissed that they don't take cash.
I got the manager and made him remove the tip.
We are rapidly approaching the CCP utopia of complete tracking of all citizens at all times.
Lesson: call ahead and make sure a restaurant will take cash. If they will not, don't go there.