Posted on 09/10/2010 6:40:23 AM PDT by SouthernBoyupNorth
http://www.govtrack.us/congress/bill.xpd?bill=h111-4646&tab=summary
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.
Sounds like it.
From FactsCheck:
Answer: No. This idea was first floated in 2004 by one House member, who says it would replace the federal income tax and eliminate the national debt. So far it has gone nowhere.
IMO, if they did place a transaction tax on ALL services, like legal fees, hair cutting, stock transactions, etc., they could get the percentage way lower. The intent would be that "we don't care how you got your money, we'll tax it when you spend it."
The problem is that while the income tax raises revenue, the pols use tax breaks as a carrot/favor and distorts the whole setup.
No IRS? Ah, perchance to dream.
Ahh Yes...IMHO..no meaningful economic recovery will occur until the income tax comes to an end. The time costs and bureaucratic expense of compliance reflect a 20th century economy.
When the current income tax was implemented in 1913, the lowest tax bracket was 1%. Of course, that didn’t last long.
Read the definition:
It would take someone more clever than me to do the mathematics, but the whole point of this suggested Bill, is to take more and more money from all Americans quietly and in a very stealthy way, so that they don’t even notice it.
It sounds like one percent is very small. This is the entire focus point of the entire bill — to make everyone think that 1% is very small and not worth worrying about.
But the absolute opposite is true.
This is one percent on everything that you do, wholesale and retail. For example, if you pay your electric bill 12 times a year you are now paying 12% off the monthly cost. A 12% increase. The same applies to your cell phone bill, the gas bill, your house taxes, your car payment, the gasoline at the pump, the bottle of Coca-Cola that you buy inside, the snacks that you buy along with it,
And even before that the factory that is making the potato chips in the Coca-Cola have to pay 1% on everything that they purchase — their supplies, the trucks, the wages, the electricity, the repairs to the trucks, the repairs to the roof, everything, everything, everything.
This is much more horrible than the fair tax or any value added tax which are all supposed to be paid just one time, as I understand it.
It is literally nickel and dime you and the American public to death — the current regime thinks that this is a very good idea in fact they think this is a wonderful idea; because now they have a method to deduct 1% from every transaction that takes place nearly anywhere in the world if they can figure out how to apply it. You will literally be paying taxes while you sleep.
It is not 1% that they are after but more like 50%. Even as the money comes into your account you will have to pay 1%. Want to save some? Pay 1%. Taken out of savings? Pay 1%. Give it to someone? Pay 1%. Invest it? Pay 1%. Take it out of your investments? Pay 1%.
Can everyone see where this is leading? And do you think they will stop taking your income taxes, your security taxes, your FICA taxes? Or do you think they will just keep on taking all of those also — because that’s what I think.
Get ready America. They want your 401(k), they want your income taxes of 39.9%, they want you Social Security taxes of 15% if you are self-employed, they want your healthcare taxes of 10%, and they want a 1% transaction tax on every single thing you do every day of your life.
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