Posted on 10/10/2010 7:47:18 PM PDT by Shannon
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.
In searching other links, apparently this is supposed to be voted on AFTER the Nov election but before the end of the calendar year.
Been discussed many times over the last few weeks
“Been discussed many times over the last few weeks”
Last two or three months actually.
I guess this law was written by high frequency traders?
Obama’s spending spree has to be paid for. The VAT (value added tax) is like this proposal. Dems have also proposed killing the mortgage finance charge deduction. We will all pay one way or another for Obama/Dems stupidity and ignorance.
From prior threads, the main gist is this is preliminary to a VAT tax.
Laying the foundations for further taxes.
It would kill the economy, while encouraging a black, cash market.
http://www.freerepublic.com/focus/f-news/2602885/posts
HR 4646: The Trojan Horse Tax
Unliberal.com ^ | September 28, 2010 | David Sforza
Posted on Wednesday, October 06, 2010 8:08:17 PM by Windflier
As many of you know recent polls show an utter mistrust between the citizens of this great country and its government. The reasons for this are many and another one has just reared its ugly head: HR 4646-The Debt Free America Act.
This wonderful sounding new bill that is making its way through committee in the House of Representatives is what I have dubbed the “Trojan Horse Tax” for reasons that I will explain below but first the text of the bill itself. You see I actually believe that we should READ THE BILL first.
Debt Free America Act – States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax.
Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.
Defines “transaction” to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.
Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance.
Provides for expedited consideration by Congress of Task Force recommendations.
Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals.
Directs the Secretary of the Treasury to:
(1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and
(2) study and report to Congress on the implementation of this Act. (Courtesy www.govtrack.us)
Immediately upon reading this people are taken in by the thought of abolishing the dreaded Income Tax Law. However, before you go swooning over this proposal and lend your support for this bill you should keep something in mind. Why would the federal government, which runs solely off of the income it collects from its citizens, kill the one thing that allows it to operate? It wouldn’t and that is where the “Trojan Horse” aspect of this tax comes into play. Just look at what this tax would entail:
Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.
Defines “transaction” to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.
Ask yourself this question: How many “transactions” that would fall under this particular definition are you involved with every day? 10, 20, 30? Once you realize what this will mean you start to get the picture of what this is.
Let’s say hypothetically that you are involved with 10-20 “transactions” daily. Then instead of paying a 1% tax you have now just paid a 10-20% tax. do you see how easily this can snowball?
They have it in Mexico, for larger transfers. People work hard to beat the system, making smaller checks in multiples. It stiffles the buying/selling.
The bill is sponsored by a RAT = Bad For America.
Kill it.
I am against it unless, quite specifically:
1) It has set immutable set and well-defined purpose (read as “Congress can’t use it as a slush-fund”); and
2) It has a “sunset clause” and be self-terminating when its purpose is fulfilled; and
3) that purpose may not be made more difficult (i.e. if the purpose is to pay off the national debt, then no further national debt may be incurred until it after the current debt has been paid in full); and
4) Any congressman voting to change the above restrictions, if it dose not pass, will forefeet his seat and ALL future emoluments
5) Any Judge challenging the Constitutionality of this law, or these 5 restrictions, must use ONLY the Constitution [as written/amended], a commonly used English Dictionary (NOTE *NOT* a Law dictionary), and logic [preferably formal]. (i.e. none of the Judicial game-of-telephone known as ‘precedence.’)
Craigslist. Private sales. Trades. You can still avoid some of what’s coming.
Really? Your reply was totally "unexpected!!!"
Do you really think CONgress will follow ANY laws???
ok
I googled it too and from what I've read it could also apply to money you put in your checking account. Then again, when checks are written. God only knows.
The spooky part is that O wants a vote after elections but before the end of the year.
No. In fact he** no. The government does not need more money, it needs to spend far less. In fact, the government not only does not need more money, it needs to take even less out of the economy and out of the pockets of you and me. Every dollar they confiscate is that much less of a choice, just that much of a reduction in options, that much of a reduction in liberty. Shrink government now, slash spending. You know, if they only did what they were Constitutionally authorized to do, the defense budget would be about 95% of their worry and that’s it.
If they put on a one-cent surtax on every transaction, I’ll never get rich buying $0.10 (ten cent) superfecta bets.
If anyone has ever heard Rep. Chaka Fatah (the sponsor of this bill) you would know he is a communist or worse. If it is his idea, I’m against it.
That's not spooky, it's just normal rat thinking. As Rat-In-Chief, he knows that the only way to get this passed is in a lame duck session of Congress.
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