Hey Objectivity! Real quick, so I am clear; "Wacko Left, Socialist-Elitist Moonbats" sums up most of those who are very far left of center; "Wacko Right, Conspiratorialist Crackpots" pretty much identifies those that are very far right of center; and "Anarchists" pretty much sums up this original poster!!
<Grin>!! Hey Michael! I'm kidding! I read every one of your posts! On Wed, Oct 27, 2010 at 10:10 PM, Keith In Tampa <[email protected]>wrote: > 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.
