Andy Commons 
Member since Apr 23, 2013


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Re: “Time as money

Interesting. I plan to check out Missoula Time Bank. It sounds great!

Missing from this article is mention of Missoula's other "barter" type program called We Trade Network. http://www.wetradenetwork.com

The Missoula Time Bank makes clear that all hours are treated equal regardless of service performed.

In WeTrade, each member can charge their going rate but get paid in "We Trade Dollars" on their account, which they can then turn around and spend with other members.

Both are valid ways to go, and support keeping the purchases of goods and services local.

Finally, there are tax consequences that were not mentioned. In the case of WeTrade or other cash equivalent Barter programs, the IRS would expect reporting of trades and businesses would pay taxes on the "income" of those barter type dollars.

On the other hand, Missoula Time Bank is a member of hOurworld.org, and on their site, they say the IRS cannot tax "time", and views this type of exchange as "friendly favors".

If you are interested in WeTradeNetwork, and decide to sign up, I'd be pleased if you mentioned my membership number (100-0169) as your referral. Full disclosure, WeTrade members get a credit into their account for any new members they refer.

-Andy

0 likes, 1 dislike
Posted by Andy Commons on 08/01/2013 at 10:47 AM

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