In Feng Shui Term, we are talking about the Feng Shui Chi. In that sense, objects placing might affect the luck and health of the household.
Whenever I have heard about waste baskets, if you have it 'on show' as it were, at all, then you are apparently inviting bad instead of good.
Putting it near your cash register is even worse as far as I have heard.
So as you actually said yourself, yes you really are 'draining your income'away from yourself. Please, if you need to use a waste basket, hide it somewhere. I am sure you will notice the difference. If you can't fit it into a cupboard, then try putting it behind something. Just make sure its not visible to anyone.
Hope this help.