[Licensed-To-Carry]

Comments and thoughts appreciated.

[newgeezer]

I loathe hidden taxes even more than I loathe withholding. And my loathing for withholding is very great.

[kingattax]

the government should tax stupidity.........watch the national debt disappear

[sharktrager]

I am opposed to any tax that is virtually invisible to the American public, because it makes the voter complacent and unaware of exactly how much of their money is going to the government. As an example, the sales tax where I grew up was roughly 4%. It is now over 6%. Given that sales tax income grows roughly with at the rate of inflation, I find it absurd that, in less than 30 years, the government now needs 50% more inflation adjusted dollars.

I want a tax where every American has to actually write a check for their share. No withholding. Then people will start to realize how much they are wasting annually.

[FairOpinion]

PING

[GoforBroke]

I heard this the other day on Glenn Beck and it sounds like it deserves discussion. I see the website has the link to the interview.

[TopQuark]

This idea is erroneous to the point of absurd.

Firstly, it is not true that the number of transactions increases with wealth.

Secondly, the main STRENGTH of markets is liquidity. The main opposition to government intervention is that it impedes that liquidity. When capital and labor cannot move freely, they get stuck in unproductive (inefficient) places, and the economy stagnates. It is the main focus of economists and policy makers how to REMOVE impediments to transactions.

Thirdly, the model assumes that everything will remain as it is now. It will not. Individuals and businesses will respond by moving to activities that reduce transaction costs.

Fourthly and finally, there is a particular danger when one takes into account dynamics. A system that does is not allowed to adjust to a new equilibrium is like a taught spring. When it becomes to strained, it breaks or adjusts towards a new equilibrium violently rather than gradually. The same will happen with the economy whose movement towards equilibrium is constrained.

In sum, the proposal is contrary to the very basics of economics.

[codyjacksmom]

Ping...

[watchin]

Sounds like I'm exempt if I use old-fashioned cash ... or will that be outlawed?

[chaosagent]

PING

[You Dirty Rats]

This has to be the most idiotic tax proposal I've ever heard.

Implementing a tax on financial flows will drive those transactions offshore and ruin our financial markets. It will have an effect on our economy similar to dumping sand into an internal combustion engine.

Politically, Ted Kennedy will be nominated by the Republicans before this would get enacted. Any politician insane enough to propose this wouldn't get a loan from any financial institution in the country. Declaring war on the money industry will kill any politician's career in five minutes (outside of those politicians representing Communist areas like Berzerkly, Ithica and Madison).

Only an academic nut safely protected from the real world could propose such an ignorant scheme.

I sure the President of the U of Wisconsin will be happy to read this trash. Good luck fundraising with this ignoramus alienating the financial community.

Your tax dollars at work!

[Terabitten]

Thoughts? Opinions? It looks like a good idea to me, but what do I know, I'm a dumb grunt.

[technomage]

This is something to first and foremost research and study before coming to any conclusions.

We obviously need to completely re-vamp the tax system in this country. However, this will never happen, judging by the reactions on this board whenever ANY type of solution is introduced.

The reactions seem knee-jerk, not thought through. With something like taxes, we need to study any and all proposals to simplify.

But, I have yet to see any proposal given on FR that is not met immediately with disdain, negativity. Oh, and intellectual arguments like "this is stupid". Not even parts of proposals are accepted.

At this rate, our total tax burden will continually increase and the printed tax codes will eventually eat up all trees on the planet, and most storage capacity on HD's.

[balrog666]

Real title: How to Return to a Cash Economy!

[boris]

Would lead to a huge clandestine underground econonomy based on cash/barter. Money would be stored in matresses instead of banks. And what would you do about that?

[boris]

"Consider a family with an annual income of $60,000, paying $20,000 in interest and mortgage payments on their house and spending $40,000 on all other items. The family has total transactions of $120,000."

Say what? Interesting math. Oh. You tax everything twice, eh...and what about savings? Pension plans? Medical insurance? Employer-matched 'voluntary investment' plans?

--Boris

[The Wizard]

This is great and should be emailed to everyone you know

[ancient_geezer]

A VAT on steriods.

Remove people's perception of the cost of government and there are no limits to growth of government.

[ancient_geezer]

A Taxreform bump for you all.

If you would like to be added to this ping list let me know.

John Linder in the House & Saxby Chambliss Senate, offer a comprehensive bill to kill all income and payroll taxes outright, and provide a IRS free replacement in the form of a retail sales tax:

H.R.25, S.1493
A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national retail sales tax to be administered primarily by the States.

Refer for additional information: http://www.fairtax.org & http://www.salestax.org

[NewLand]

Fair Tax

[RightOnline]

I heard of a "1% transaction tax" some years ago; developed by a professor in New York. Virtually the same thing. EVERY transaction is taxed at 1%. No income tax, medicare tax, no social security tax, no gasoline taxes, no taxes on tobacco or alcohol or any sales taxes......nada, zip, zilch. Just every transaction taxed at 1% for the government.

The amount of revenue generated is STAGGERING.