Posted on 11/02/2018 7:56:26 AM PDT by C19fan
The news from the Treasury Department that the federal deficit has hit a six-year high of $779 billion should give President Trump added incentive to reset his agenda for 2019, regardless of whether or not the anticipated Democratic blue wave in the midterm elections materializes next week.
A key element of that agenda should be the introduction of a financial transaction tax dedicated to all economic security payments (that is Social Security, Medicare and Medicaid, Unemployment Insurance and other forms of public assistance). Such a tax will address two of the biggest threats to our continued economic health: the federal debt and the growth of entitlements.
(Excerpt) Read more at thehill.com ...
Just Tax the money going back to Mexico. Problem solved.
Remittances to Mexico are like $25 bn tops
Tax capitalism. Yeah, that’s the way to create business./s
Mad Maxine will have her revenge and to hell with America.
There you go. Let the immigrants and welfare staters who came here solely for the economic$ help pay for the messes they’ve created.
The higher the illegal problem, the higher the rate per offending country
Kill the Federal Reserve
Slight correction, faster solution.
A tax is a penalty. This would hurt people who utilize these transactions.
It is an intriguing idea to tax, in any way, welfare benefits, as these are not normally taxable.
I am generally for making all welfare redefined as “reportable income.”
"In America, a bank withdrawals tax of two to three percent of all bank withdrawals paid by individuals and businesses alike and collected electronically, across the board could raise enough revenue annually to pay for all economic security."
So under this guy's proposed tax, if you deposit $1000 in the bank, money that you have already paid income tax on, then you end up paying another 20 to 30 dollars in tax when you withdraw your money to buy groceries, or gas or whatever.
And if you just happen to decide to move money from one account to another, you pay 2 to 3% then as well. So much for moving money from checking to savings.
The whole idea is based on the idea that the government would be able to collect 2 to 3% the same way Mastercard and Visa are able to collect a merchant fee. It won't work.
It would kill the financial services industry, or drive it offshore.
It will never be used for that. It will go to Medicare for All, Free College, keeping Social Security going, etc. etc. etc.
Eliminate base line budgeting and force the Govt to actually budget for spending need, not spending wants, problem solved.
Lots of things could help with the debt. New taxes aren’t one of them.
Aside from everything else wrong with this idea; if implemented it would be used as a reason to convert to a cash free economy - which is really what the globalists want.
Actually read the article because I wanted to understand the proposal. In short, eliminate FICA and replace it with a 2-3% tax on every transaction thru your bank, whether you are an individual or business. It is in essence, a backdoor sales tax, not collected at the point of sale (the store), but at the point of transfer of funds (the bank). They would apply it to every electronic financial transaction, so …. get rid of your debit cards, electronic payments and go back to cash and physical checks and you avoid the tax.
$138,165,000,000 in remittances was sent from United States to other countries in 2016
over $138 BILLION...
http://www.pewglobal.org/interactives/remittance-map/
No. This would primarily hurt middle class people.
People on welfare, unemployed people earning no income - they pay no income tax.
The tax would hit people with money who are drawing social security and who have medicare.
I didn’t think it was possible, but the actual article delineates a tax several orders of magnitude worse than the headline suggests.
Here’s a key quote:
“In America, a bank withdrawals tax of two to three percent of all bank withdrawals paid by individuals and businesses alike and collected electronically, across the board could raise enough revenue annually to pay for all economic security.”
This braindead moron is proposing a tax of TWO TO THREE PERCENT anytime someone WITHDRAWS MONEY FROM THE BANK.
This isn’t stealing from the wealthy to create welfare for the poor (and jobs for mindless bureaucrats). This is stealing from everyone, the poor included, WHO PUTS HIS MONEY IN THE BANK!
It’s tough to imagine a more destructive tax. One minor result would be the likely annihilation of retail banking.
Congress does not have a Tax problem, it has a spending problem. Socialism burns money like a Forest fire burns trees.
Socialism is like a turd floating in a punch bowl. How much turd do you want mixed into your economy?
Let the whole world play leftist if they wish, but NOT HERE.
“A key element of that agenda should be the introduction of a financial transaction tax dedicated to all economic security payments (that is Social Security, Medicare and Medicaid, Unemployment Insurance and other forms of public assistance). Such a tax will address two of the biggest threats to our continued economic health: the federal debt and the growth of entitlements.”
You didn’t read the second paragraph.
+1000
Root of the problem:
RE: “Congress does not have a Tax problem, it has a spending problem. <-* Socialism burns money like a Forest fire burns trees.”
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