Chaka
Posted on 07/08/2010 8:11:30 AM PDT by mikelets456
.....One idea for raising taxes to pay down the debt is the bill introduced this February by Rep. Chaka Fattah (D-Pa.). His “Debt Free America Act” (H.R. 4646) would impose a 1 percent “transaction tax” on every financial transaction — whether paid by cash, credit card or any form of financial transfer, the only exception being transactions involving the purchase or sale of stock. Theoretically, everyone would pay one cent on the dollar for every such transaction in America every day — whether $3 million on a $300 million business acquisition, $300 on the purchase of a $30,000 car, or $5 on a $500 ATM withdrawal......
(Excerpt) Read more at dailycaller.com ...
A National Sales Tax, in the middle of a HUGE Recession, all the while NOT relieving any Income Tax!
Brilliant ! Chaka and his cronies deserve another multi-million dollar pay increase !
Wait ... Chaka ? Who names their kids Chaka ? How does someone named Chaka get to a position of power ?
Yes, it’s possible. Just cancel every social welfare program, close 90% of the goverment agencies and remove most restrictions on industry. Easy. It just doesn’t sound like the same thing, does it? It would work, and the “transaction tax” wouldn’t. But somehow I don’t think it will be proposed by Rep. Fattah any time soon.
Democrats, stealing your money is their job #1.
If you want a debt free US the solution is simple. Cut back spending so it is below revenues. Over time, the country will be debt free.
Let’s see the IRS try to enforce this one. Are they going to show up at garage sales?
This will only encourage more tax evasion, less production, and obviously less government revenue. As with the upcoming 2011 tax increases, productivity and commercial activity will increase right up to the change in the tax rate and then fall precipitously after the change goes into effect. This instability could cause another panic.
It’s much worse than simply a national sales tax. This “transaction” tax would scoop 1% of your income when you were paid by your employer, would scoop an additional 1% when you took money out of your own account, another 1% when you used that money to buy something, etc., etc.. While there are arguments to be made in replacing income tax entirely with a Value Added Tax (and arguments against such a proposition), most VAT models have mechanisms to avoid layers of taxation for use of the same pot of money. For example, if the builder pays tax on materials used to build a house, that tax is offset against the tax owed by the purchaser of the house. Taxing all transactions is a sure way to lessen the number of transactions, as people will immediately look for ways to avoid the multiple layers of taxation. The tax mongers would find that the estimates of tax revenue would fall far short of what was actually collected, which is almost always the case with any tax.
So Lanny Davis says “We all know there is only one answer to paying down the debt and balancing the budget: cutting spending and raising taxes...”
We all know? This is an accepted fact, Lanny?
After years of unrestrained spending, Lanny wants to add yet another tax burden on us to pay for the wild excesses of his cronies, who have raided the public treasury to buy votes for themselves. It’s that simple. And that criminal.
How about encouraging the creation of wealth by tearing down the myriad obstacles in the way of those who can do it: small and medium businesses?
Tax ourselves into prosperity? Just HOW do idiots like Davis even get a national soapbox on which to spew such garbage?
One thing they don’t mention is that tax of 1% will grow over time. Every time the government needs more money. Just as a VAT tax would.
this little snippet from Wiki tells you all you need to know, this guy is a Baraqqi:
“Fattah’s parents, David Fattah (born Russell Davenport) and Sister Falaka Fattah (born Frances Brown, also known as Queen Mother Falaka Fattah), are community activists in West Philadelphia”
Lanny Davis is incapable of understanding two words: “cut spending.”
CUT SPENDING !!
CUT SPENDING !!
CUT SPENDING !!
CUT SPENDING !!
The insanity being generated by this government has become very troubling.
If the government could pay down debt by raising taxes, the government would have been out of debt 40 years ago and been running surpluses every year since. It’s about cutting spending and the size of the government, Lanny.
75 points for obscure reference !
It's not possible that this Government will stop it's tendency to increase spending in relation to the increase in revenue. They ALWAYS spend way more than they know they will take in, believing that they can later raise taxes to offset their excessive spending.
They also have to increase the size and scope of Govt. to support all the new spending they create. This is by far, the definition of insanity; Continuing to repeat a behavior that they know is unsustainable or unhealthy, (economically) expecting a different result than history has proven repeatedly.
:D — Thanks!
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