All we really need to do is limit the growth of government to the same rate as the growth of the economy.
LOL, and just how do you intend to accomplish that. A hidden tax just means no brakes on demand for more government. Hiding the cost of government from view is nothing more than an open invitation to pander.
To remove perception of the tax burdens of the individual, is to remove the goad which assures accountability of government to the electorate. Federal tax rates are high and government grows ever larger because a majority of the electorate do not perceive proportionately the burden their demand for largesse imposes on the minority of citizens.
The siren call for representation without taxation is the formula that got us where we are at today. The ability to hide or disguise taxation from the view of large sectors of the electorate allows the Congress to get away with the creation of the evergrowing monster that it fosters.
The perception of free ride from the electorate's perspective under the Tobin and other transaction taxes like APT nothing more than an open check to pandering politicians.
So many Americans paying little or no federal taxes makes for a natural spending constituency. It's like me in the restaurant: What do I care about extravagance if you're footing the bill?
The APT would allow short to medium term explosive economic growth, so it's really the long term we all need to consider carefully before proceeding.
Not by hitting every financial transaction out there. The APT would be worse than a VAT in its impact on the financial system. There are appoximately $40 trillion dollars flowing through multiple paths in the financial and equity markets. Every transaction getting hit with a tax like the APT would kill market liquidity and virtually destroy the trade infrastruction that is required to maintain orderly and free markets.
Sorry, I can see nothing good coming from such a tax. It is a socialist's wet dream and a capitalist's nightmare in its effects on markets.
Well, I did look at it again, and I agree with you. Bad idea. Fairtax much better.
We're making steady but sure progress toward our goal, my friend. Thank you for all of your hard work.
BUMP!