carry tax

( taks)
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 " The magnetic strip (in new U.S. currency) could visibly record when a bill was last withdrawn from the banking system.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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  • carry — [kar′ē] vt. carried, carrying [ME carien < Anglo Fr carier < NormFr carre, CAR1] 1. to hold or support while moving [to carry a package] 2. to take from one place to another; transport, as in a vehicle [to carry the mail] 3. to hold …   English World dictionary

  • carry-over — index balance (amount in excess), remainder (remaining part) Burton s Legal Thesaurus. William C. Burton. 2006 carry over …   Law dictionary

  • tax credit — n: an amount that may be subtracted from the sum of tax otherwise due and that is distinguished from a deduction applied to gross income in the calculation of taxable income compare exemption Merriam Webster’s Dictionary of Law. Merriam Webster.… …   Law dictionary

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  • carry — carriable, carryable, adj. /kar ee/, v., carried, carrying, n., pl. carries. v.t. 1. to take or support from one place to another; convey; transport: He carried her for a mile in his arms. This elevator cannot carry more than ten people. 2. to… …   Universalium

  • Carry — Related:net financing cost. The New York Times Financial Glossary * * * carry car‧ry [ˈkæri] verb carried PTandPP [transitive] 1. TRANSPORT to move goods or passengers from one place to another: • Airlines carried 262 million passengers on… …   Financial and business terms

  • carry — Related: net financing cost. Bloomberg Financial Dictionary The interest cost of financing securities held. Exchange Handbook Glossary * * * carry car‧ry [ˈkæri] verb carried PTandPP [transitive] 1. TRANSPORT …   Financial and business terms

  • carry sth back — UK US carry sth back Phrasal Verb with carry({{}}/ˈkæri/ verb [T] ► ACCOUNTING to copy an amount of money on an earlier page or column of an account, or to move it to an earlier accounting period: carry sth back to sth »Companies operating at a… …   Financial and business terms

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