This draconian measure is nothing like the Fair Tax, which would only tax goods at the point of consumption.
This beast taxes you for depositing your paycheck in the bank. It taxes the furniture maker 1% for buying the lumber to produce the chair that you'll eventually pay a 1% federal tax on, when you purchase it.
This thing is something only a Commie would dream up. It's even worse than a VAT tax.
camel nose tent
According to the proposed bill, it puts a "teeny tiny surcharge" (how long would it stay teeny tiny, pray tell?) on every "financial transaction", whether by check, credit card, or cash...
So, I buy a pack of gum, which is already ridiculously over-priced IMHO, and it costs extra for me, the merchant, the supplier, the manufacturer. So much for a buck!!
Then, I have a small amount of money in a C.D., I make .002 % interest, but it is a "financial transaction" when I go in to re-invest it...talk about adding insult to injury!
This is NOT SUSTAINABLE! (to use a favorite buzz-word these days)
What are they THINKING?!?!
(actually, never mind that last line - just VOTE to stop THOSE people, who are clearly insane - the answer is NOT more government regulation to confiscate and redistribute individual assets!! If the wealthy have ill-gotten gains, they can be sued...if the indigent are truly needy, they will be helped...but I want to use any little extra amount of money I might have to take care of my own family, friends, community, retirement...I do not want to contribute to Washington's "choice of beneficiary", first channeled through 16 highly paid beaureucrats - sic - )
/ rant