Very well put Object, but Moonbats, Crackpots, and Anarchists don't fathom these concepts.
On Wed, Oct 27, 2010 at 6:58 PM, Objectivity <[email protected]> wrote: > This would clearly move us toward an underground cash economy. We > don't need another black market created by government. > On the other hand, it is an interesting idea. Play with the structure > a little and do it in a way that doesn't involve a tax increase of a > third of our GDP and then maybe it will get more support. > > On Oct 27, 10:14 am, MJ <[email protected]> wrote: > > Tuesday, October 26, 2010'Tax Everything' tax would bring in $4.4 > trillionDemocrat's plan would raise levies to pay national debt, phase out > IRSBy Drew Zahn > > U.S. Rep. Chaka Fattah, D-Pa., has proposed a plan for eliminating the > multi-trillion-dollar national debt: Tax everything. > > Earlier this year, Fattah introduced H.R. 4646, the "Debt Free America > Act," which would impose a massive new tax for a period of seven years, > while the national debt is being paid off. And once the debt is paid, the > bill would eliminate the individual income tax, supplanting it with the new, > "transaction" tax instead. > > Specifically, H.R. 4646 would levy a 1-percent tax on every transaction > of any kind that uses check, cash or credit cards (with a path in place for > also taxing stock transfers), whether done at the bank, grocery store, nail > salon or even through the Federal Reserve. > > In other words, if a man deposits his paycheck into the bank, there would > be a 1-percent tax levied on the "transaction." When the same man then > withdrew the money through an ATM, there would be another 1-percent tax. > When he spends the money to have his car's oil changed, there would be > another 1-percent tax, and so forth. > > And though the bill's language currently excludes transactions involving > stock, the exclusion can be waived if the Treasury secretary recommends > waiving it. > > Not only consumers would pay the tax, however, but also banks when > transferring money, businesses when purchasing supplies and when paying > employees, and so forth. Any time money changes hands, someone pays the tax. > > "There is no question Congress must begin to make some hard choices now," > Fattah's website declares in advocating the measure. "If Congress fails to > act, inflationary pressures triggered by staggering debt will create > economic conditions unlike anything ever experienced in the history of this > country, including the Great Depression." > > Fattah adds in a statement introducing the measure, "The scope of this > challenge requires bold and fresh thinking, but it can be done. ... In order > to avoid a financial crisis of epic proportions, Congress must take decisive > action." > > According to an analysis by attorney Lanny Davis published in The Hill, > there was $755 trillion in total transactions in the U.S. in 2008, $443 > trillion if exempting stock transactions. Using 2008's numbers, then, > Fattah's proposal would constitute during its first seven years less a tax > credit the bill includes for those making less than $100,000 annually a > $4.43 trillion tax hike, or roughly 30 percent of the nation's gross > domestic product. > > Fattah has claimed such a tax is not only necessary to avoid a mounting > debt crisis, but would also bring in so much money it could eventually > replace the income-tax system, fund universal health care, support public > schools and more: > > "When enacted, the transaction fee I am proposing will generate > sufficient revenue to maintain a fiscally responsible budget and allow the > federal government to meet its financial obligations, while paying down and > ultimately eliminating the oversized national debt," Fattah contends. > > According to the specific language of the bill, the tax "is intended to > raise sufficient revenue to eliminate the national debt, which was $10.6 > trillion in January 2009, during a period of 7 years and to phase out the > income tax on individuals." > > The current national debt exceeds $13.6 trillion. > > Out of the annual, multi-trillion tax bounty it proposes, H.R. 4646 > returns to taxpayers a tax credit equal to 1 percent of an individual's > adjusted gross income those making less than $100,000 annually or more than > $250,000 on a joint tax return, with lessened tax credits upon a preset > ratio for higher earners. > > The bill further creates a "Bipartisan Task Force for Responsible Fiscal > Action," which is charged with analyzing federal deficit spending and making > legislative recommendations. > > Finally, the bill eliminates the individual income tax beginning on Jan. > 1, 2018. > > Fattah has introduced similar measures in years past, seeking only a > feasibility study on the proposal to be conducted by the U.S. Treasury as > part of his 2004 "Transform America Transaction Fee" bill. > > At the time, Fattah's website boasted, "The proposed > transaction-fee-based system would generate revenues equivalent to current > collections from all federal taxes, while conceivably supplying additional > income. The excess funds would serve to eliminate the current national debt, > provide universal health care, support an equitable public school finance > system, and fund economic development in urban and rural areas." > > Failing to gain even a single cosponsor, Fattah introduced a similar > measure in 2005, 2007 and 2009. The 2007 bill gained one cosponsor, Rep. > Brian Baird, D-Wash. > > The current Debt Free America Act, which calls not for a feasibility > study but full implementation of the tax itself, has been referred to the > House Committee on Ways and Means without any cosponsors. > > Rep. Peter DeFazio, D-Ore., and Sen. Tom Harkin, D-Iowa, had been falsely > rumored to be cosponsors because of their proposals that also taxed > "transactions." DeFazio's and Harkin's plans, however, only levied a > 0.25-percent tax on securities and commodities as a way of recouping the > costs of Wall Street bailouts. > > "I do not support Rep. Fattah's H.R. 4646 because it wrongly targets all > financial transactions, rather than just focusing on the Wall Street > speculators that got us into this economic mess," DeFazio told Brooks > Jackson of FactCheck.org last month. "An average American making normal > day-to-day transfers of money should not be taxed on those transactions." > > Fattah hails from the predominantly Democratic and urban district that > includes portions of North and West Philadelphia and is listed by the > Democratic Socialists of America as one of 70 members of the U.S. Congress > who are also members of the organization. > http://www.worldnetdaily.com/index.php?pageId=220405 > > -- > Thanks for being part of "PoliticalForum" at Google Groups. > For options & help see http://groups.google.com/group/PoliticalForum > > * Visit our other community at > http://www.PoliticalForum.com/<http://www.politicalforum.com/> > * It's active and moderated. Register and vote in our polls. > * Read the latest breaking news, and more. -- Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more.
