"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.
I get $1155 a month in Soc Sec.
A 2% tax would equal $23.10 a month when that money is electronically deposited into my account.
I then write out a number of checks & sometimes make a withdrawal-ATM or at the counter. I rarely have more than $20 left in my account at the end of those events.
There is another $23.00 ++
So I should be taxes $46.00 +++ on my Social Security?
IF such a tax is applied to business, then all consumer goods & purchases will cost at least 2% more, making my loss more like 4%.
This is just plain wrong.
This article DOES NOT HAVE THAT QUOTE nor does it speak to any tax on any transactions that are not directly welfare.
Are you 0bama’s brain?
I stand corrected, as that quote is from where he would remove the 15% FICA tax from everyone, in exchange for the 2-3% transaction tax.
The main crux of the article is the welfare transaction tax.
It is debatable whether a transaction tax, which foreign investors would also have to pay, is a wise avenue to substitute fully for FICA.