Posted on 10/27/2010 7:01:24 AM PDT by ADSUM
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.
(Excerpt) Read more at wnd.com ...
Sell off all Federally owed property, starting with DC.
Confiscate the accumulated wealth of all Federal employees, starting with the elected officials. Then fire them. Reduce the Federal government to the size it had at its inception.
Cancel all Federal laws written after the Constitution, compress all the paper they are written on into fireplace logs, and sell them at WalMart.
Reduce the expense of maintaining a nuclear arsenal by detonating them all in a swath starting in Mecca and spreading east to Jakarta and West to Tripoli. Any left over can be used on the major population centers of China and Russia.
Bring all troops home, give them one last asssignment to conquer and annex Mexico “with extreme prejudice,” set up a suitable garrison to insure southern border security, and dismiss the rest. Sell off the weapons, equipment and most of the bases to the public.
End ALL Federal entitlement payments. If people won’t work, and if their families and communities don’t deem them worthy of caring for, let them fend for themselves.
That should do it.
This would just result in an under-the-table, cash economy. That might actually be a good thing. There’s a potential for greater economic activity and the government would have a harder time monitoring our purchases.
Don’t they already tax everything?
Holy cow. Straight out of Left Behind......
How about cutting spending first? Eliminate welfare, the department of education, bailouts, obamacare,....
Ran some numbers on my transactions in one of my bank accounts for a September snapshot. No this isn’t the full balances, just the transactions in this account for the month.
Here is the summary spit out by excel:
Deposits: $2080
Withdrawals: $2125.97
Average Deposit: $297.14
Average Withdrawal: $31.73
Total Transactions: 74
Total tax at 1% per transaction: $42.06
Average tax rate: 2%
Average tax per transaction: $0.57
Just some real numbers to throw around for analysis. If every month was the same that’s about $500 additional tax per year.
I like the way you think.
Deposits: $2080
Withdrawals: $2125.97
I see you’re in the same situation we are. More goes out than in.
The financial, economic, social, and national security perils are well-known. The US is extremely vulnerable.
Heh, yea some months are the other way around though.
Some of those transactions were money moving between accounts too (a $200 xfer to my high yield savings, and $100 xfer to my emergency fund savings account), not sure if those get the 1% tax or not.
They said anything. That would count.
Do you think they’d pass up the opportunity to grab all the cash they can?
I’ve been watching legislation for decades and offer this bit of advice: Don’t let the issue of cosponsors lead you into determining if a bill has legs. Some bills have passed with NO cosponsors, some have not passed with over a majority number of cosponsors.
The reason legislation is introduced is to often benefit the sponsor or the party. Obviously, the “rich” will not want to reduce the deficit by paying their fair share of taxes......yada yada.... Moreover, this legislation is so ridiculous that it makes some future confiscatory measures appear tame.
Good point....This type of Rope A Dope stuff....is nothing new in D.C.
How about we eliminate all the taxes on American citizens and instead fund the federal government the way she was supposed to be funded, by tariffs on imports.
Think of all the Chinese crap we have been buying inty he last 20 years and how much money it would have brought in to pay for government etc...
Tariff on imports would also stop a LOT if no most of the outsourcing that goes on.
Maybe there would be an exemption for Muslims and the infidels would be the ones taxed. Is this guy a closet Muslim?
So the Progressive proposes the most regressive tax imaginable! This is not surprising as Fatah has never had a private sector sector job in his life.
U.S. Rep. Chaka Fattah, D-Pa., has proposed a plan for eliminating the multi-trillion-dollar national debt.. Tax everything.
Oh yeah Chaka Khan. Well here's a BETTER PLAN.
'We' confiscate every penny made or controlled, trust fund owned, the entire 'wealth' of a family. The House(s) and land, including ALL the furniture, of every registered democrat and politician. From the POTUS down to the local democrat dog catcher - we take it all.The democrats like taking other peoples money and 'wealth' so much, I say we start by taking all of theirs theirs.They will all have to live in 'public housing'. They'll get to keep one car if its seven years or older. One CRT TV, one AM Radio, and one Land Line phone. For clothes they get to keep two pair of jeans, one pair of dress pants, three shirts or blouses, one Suit - or 'fancy' Dress, one pair of shoes, and one pair of K-Mart sneakers -- and $500 a month to live on.
Every other possession they own(ed) will be 'ours'. The money used to pay off the US National Debt. Oh. Naturally any firearm(s) they own(ed) will be confiscated too. The money from selling them will be added to the kitty. [They like '911' so much, let them live, or die, by it.]
NOTE: the term 'Wealth' is correct, not income. As rich Dems are pros at not having any 'income' but a lot of 'wealth'. (see: Kennedy Family)
I see where Chakah’s goin’ with this one. Whitey be carryin’ cash if this went into effect. Whitey be gittin’ jacked by Chakah’s bros.
We could save money by chucking Chaka over the cliff.
You can also look at it this way:
Taxed once when you receive it.
Taxed twice when you spend it.
Taxed three times again if you get a loan (1) , spend it(2) and pay it back with interest (3).
Taxed again if you pay taxes: income, sales, property, excise, hidden taxes.
Taxed for 4th and 5th and 6th and 7th time (or more depending on turnover) to the manufacturer and distributor when the receive or payout.
So you may easily pay 7 to 10% more (again depending on turnover).
Do you think the rate will stay the same?
I hope that this will never see the light of day, but you can’t trust a socialist, err Democrat to do the right thing.
Vote em all out of office.
First of all, this would take a constitutional amendment unless it was levied only on interstate and international transactions.
Second of all, if anyone believes that those drunken sailors in Congress will really use this money to pay down the debt, please contact me immediately. I have a bridge in Brooklyn that I’d like to sell you. This once-in-a-lifetime investment opportunity won’t last long so act now while the market is HOT!
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