Posted on 04/29/2010 7:12:25 AM PDT by Big Bureaucracy
Checkbook tax is bad, but you’ve heard nothing about the future of your checking account if you haven’t heard about the Progressive Consumption Tax that the Obama Debt Commission is considering.... The PCT is supposed to replace the income tax, but not to be confused with the Fair Tax (which is a sales tax). Here is how PCT works: At tax time you state your income. Then you subtract the amount that you have saved and pay tax on the difference (the consumption).
So if you spend all your income – you pay tax on all your income. The more you save the less of your income will be taxed. According to the supporters of the new American Tax – PCT will encourage people to save.
This will also mean that everybody will have to declare all their checking and saving accounts to the IRS to prove the amount of their savings. ..
The government will know not only what you earn as it is today, but how you manage your money. .. Government will only reward you if you are fully transparent about your money with the IRS.
It is not clear if the banks will be required to report your savings to the IRS the way your employees are required to report your earnings. In such system the only way to hide money from Uncle Sam is dig a hole under the pink flamingo in your backyard or deposit it to The Queen Mattress Bank.
(Excerpt) Read more at bigbureaucracy.com ...
So the government would reward you for NOT buying stuff? Yeah boy, that’ll energize the economy.
“This will also mean that everybody will have to declare all their checking and saving accounts to the IRS to prove the amount of their savings”
No you won’t. They IRS will already know because the banking bill up for debate right now gives them access to all of your accounts.
“This will also mean that everybody will have to declare all their checking and saving accounts to the IRS to prove the amount of their savings”
Man, you would think that they want to take their money back or something.
I think it’s designed to DESTROY the economy not stimulate it....
yeah, ‘their’ money
It all makes sense if you consider him to be a Muslim.
Liberals really cannot be this dense, can they?
Well, never mind.
What you think the money in the bank is yours? Look at who’s pic is on it. You’ve stolen it from the state!
No kidding. This is either pure evil and they are purposely trying to destroy this country or they are dumber then a sack a rocks.
Get ready to become slaves to the state.
Doing this should at least cut the IRS by 1/2 at least. That is the first hope I have. Abolish the IRS to basically 100 people...2 people per state.
I feel your pain - they will neuter the American economy - they will say: save more so there is no more big crisis like the one we have today. What they will not tell you is that - there will be no more economic boom either. Just a neutered economy.
Later, when savings increase, and when the government knows who has saved, the savings will somehow be used to reduce the national debt.
One way of doing this is that savings will be taxed, unless you invest in US treasuries.
Let the senators be IRS agents and we can further reduce the cost of government, and keep congress from passing so many stupid laws. Now, what jobs can we give Congresspersons?
Barter every time you get the chance.
Is there any doubt that Hussein is a Muslim???
“Islam has a proud tradition of tolerance.”
Barack Hussein Obama
“it is important for Western countries to avoid impeding Muslim citizens from practicing religion as they see fit”
Barack Hussein Obama
“We will convey our deep appreciation for the Islamic faith, which has done so much over so many centuries to shape the world for the better, including my own country.”
Barack Hussein Obama
“The contribution of Muslims to the United States are too long to catalog because Muslims are so interwoven into the fabric of our communities and our country”
Barack Hussein Obama
“I have lived in a Muslim-majority country... I know, because I am one of them.”
Barack Hussein Obama
“As a student of history, I also know civilization’s debt to Islam.”
Barack Hussein Obama
“Islam has demonstrated through words and deeds the possibilities of religious tolerance and racial equality.”
Barack Hussein Obama
“And since our founding, American Muslims have enriched the United States.”
Barack Hussein Obama
“And I consider it part of my responsibility as President of the United States to fight against negative stereotypes of Islam wherever they appear.”
Barack Hussein Obama
“Moreover, freedom in America is indivisible from the freedom to practice one’s religion. That is why there is a mosque in every state of our union, and over 1,200 mosques within our borders. That is why the U.S. government has gone to court to protect the right of women and girls to wear the hijab, and to punish those who would deny it.”
Barack Hussein Obama
“We are not nor have we even been at war with Islam”
Barack Hussein Obama
From ‘Dreams of my Father’, “IN INDONESIA, I SPEND TWO YEARS AT A MUSLIM SCHOOL” I will stand by
THEM (MUSLIMS) SHOULD THE POLITICAL WINDS OF WAR SHIFT IN AN UGLY DIRECTION..”Quote from Barack Obama’s book, Dreams Of My Father:
“THE PERSON WHO MADE ME PROUDEST OF ALL, THOUGH, WAS MY [half brother], ROY..HE CONVERTED TO ISLAM”.”..I STUDIED THE KORAN..”
From ‘Audacity of Hope: “LOLO (Obama’s step father) FOLLOWED ISLAM....”I LOOKED TO LOLO FOR GUIDANCE”.
From ‘The Audacity Of Hope, “I WILL STAND WITH
From The Audacity Of Hope, “WE ARE NO LONGER JUST A CHRISTIAN NATION, we are also a Jewish nation, a MUSLIM NATION, a Buddhist nation, a Hindu nation, and a nation of nonbelievers.”
http://www.examiner.com/a-536474~_Trapped_between_two_worlds_.html
http://www.examiner.com/a-534540~Can_a_past_of_Islam_change_the_path_to_president_for_Obama_.html?cid=dc-article-obama
OBAMA FILE
ISLAM AND Obama
http://theobamafile.com/ObamaIslam.htm
RELIGION AND Obama
http://theobamafile.com/ObamaReligion.htm
“ISLAM ISN’T IN AMERICA TO BE EQUAL TO ANY OTHER FAITH, BUT TO BECOME DOMINANT. The Koran ... should be the highest authority in America, and Islam the only accepted religion on earth. Everthing we need to know is in the Koran. We don’t need to look somewhere else.” OMAR M. AHMAD
CHAIRMAN OF CAIR, the mainsteam Muslim advocacy group.
Obama’s billions for
Jihad:
• $3.6 billion, matching the request, to expand and improve capabilities of the Afghan security forces
• $400 million, as requested, to build the counterinsurgency capabilities of the Pakistani security forces
• Afghanistan: $1.52 billion, $86 million above the request
• West Bank and Gaza: $665 million in bilateral economic, humanitarian, and security assistance for the West Bank and Gaza
• Jordan: $250 million, $250 million above the request, including $100 million for economic and $150 million for security assistance
• Egypt: $360 million, $310 million above the request, including $50 million for economic assistance, $50 million for border security, and $260 million for security assistance
• Pakistan: $1.9 billion, $591 million above the request
• Iraq: $968 million, $336 million above the request
• Oversight: $20 million, $13 million above the request, to expand oversight capacity of the State Department, USAID, and the Special Inspector General for Afghanistan to review programs in Afghanistan, Pakistan and Iraq
• Lebanon: $74 million
• International Food Assistance: $500 million, $200 million above the request, for PL 480 international food assistance to alleviate suffering during the global economic crisis
• Refugee Assistance: $343 million, $50 million above the request, …including humanitarian assistance for Gaza. Funding for the UN Relief and Works Agency programs in the West Bank and Gaza is limited to $119 million (Note: Gaza = Hamas)
• Disaster Assistance: $200 million to avert famines and provide life-saving assistance during natural disasters and for internally displaced people around the world, including Somalia, Zimbabwe, Ethiopia, the Middle East and South Asia
• Peacekeeping: $837 million for United Nations peacekeeping operations, including an expanded mission in the Democratic Republic of the Congo and a new mission in Chad and the Central African Republic
• Department of Justice: $17 million, matching the request, for counter-terrorism activities and to provide training and assistance for the Iraqi criminal justice system
The mainstream media remains silent on this but the International News http://www.thenews.com.pk/top_story_detail.asp?Id=22164
has now picked up the story — and then there is Obama’s $108 billion IMF bailout scheme http://michellemalkin.com/2009/05/13/obamas-100-billion-imf-bailout-scheme/ in addition to the Supplemental.
Obama has asked Congress http://creepingsharia.wordpress.com/2009/04/27/obama-asks-congress-to-allow-us-funds-to-terrorist-hamas-govt/
to let aid to Palestinians continue if Hamas backers are included in a new unity government, observers say.
The proposed change in U.S. law would be necessary because Hamas, which controls the Gaza Strip, is designated as a terrorist organization and therefore cannot receive U.S. aid. But power-sharing negotiations between Hamas and the rival Fatah faction, which controls the West Bank, may result in a unity Palestinian government that includes ministers backed by Hamas, the Los Angeles Times reported.
The White House sought the change as part of a bill authorizing $840 million for the Palestinian Authority as well as for rebuilding Gaza after this year’s 22-day Israeli military assault.
.
1.) NEVER put your money in banks, stockmarkets or other financial institutions.
2.) Never purchases anything on credit, if you can't afford it right now, you don't really need it.
When he passed away in 1996, he had $90,000 in cash stashed in various places around his farm. From cigar boxes in his closet, to wrapped in plastic and stuffed in mason jars out in his shed. I guess that was his security system, if a burgler found one hiding place he might get away with $10,000 but the rest would be safe.
We've forgotten the lessons of that generation and bought into the notion that you are stupid not to have your money in stocks or at least a savings account. But, over the last 10 years I would have made as much money using Granpa's method as I did in the stock market.
Exactly - instead of spending the money - folks will lock them in savings accounts to be eaten by inflation. Good point!
Actually, I wasn’t thinking about the subtle tax of inflation. But this scenario is definitely more probable.
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