'Tax Everything' tax would bring in $4.4-trillion Democrat's plan would raise levies to pay

wnd ^ | 10/26/10 | Drew Zahn

[Nachum]

U.S. Rep. Chaka Fattah, D-Pa., has proposed a plan for eliminating the multi-trillion-dollar national debt: Tax everything.

Earlier this year, Fattah introduced H.R. 4646, the "Debt Free America Act," which would impose a massive new tax for a period of seven years, while the national debt is being paid off. And once the debt is paid, the bill would eliminate the individual income tax, supplanting it with the new, "transaction" tax instead.

Specifically, H.R. 4646 would levy a 1-percent tax on every transaction of any kind that uses check, cash or credit cards (with a path in place for also taxing stock transfers), whether done at the bank, grocery store, nail salon or even through the Federal Reserve.

[Nachum]

'Tax Everything' tax would bring in $4.4-trillion Democrat's plan would raise levies to pay national debt, phase out IRS

[Nachum]

Cue up “Tax Man” by the Beatles...

http://www.youtube.com/watch?v=Maz9ddxEQnM

Or..

Sunny Day, by the Kinks

http://www.youtube.com/watch?v=1h1oRP7FfBw

[Nachum]

Ooops,

Sunny Afternoon

[mnehring]

...pay national debt, phase out IRS

It would also give everyone puppies and unicorns, rainbow skies, and leprechaun gold.

[edcoil]

Got a better idea. Unfunded pensions would put any private company in jail. Lets jail our politicians and work it out later.

[earlJam]

Great idea.

BTW, Michigan’s only toll road was set up as a temporary toll for 10 years to get the highway paid for..... and that was nearly 50 years ago.

[dangerdoc]

The worlds largest banana republic.

[43north]

$4,400,000,000,000,000,000,000,000,000,000.00?

It would only take obummer 10 months to spend that.

[dufekin]

Ah, that’s 50 earth years. But the politicians who promised to end the tolls in 10 years were thinking that you were an alien from the planet Saturn. That’s almost 295 of your years, earthling!

[ClearCase_guy]

Seven years of famine and pain. It seems vaguely Biblical.

[wally_bert]

How many toll roads had their tolls go away after they were supposedly pay for?

[A.Hun]

This is possibly the stupidest tax scheme I have ever heard of, and that’s saying something!

[funfan]

And would this money go in a lock box? I wouldnt trust them to pay the debt off with it. Oh and would politicans be
exempt

[funfan]

What would you expect from a DIMACRAT

[ChildOfThe60s]

Tax everything and wonder of wonders, all that “everything” goes away and there is nothing left to tax.

The “rich people” tax on yachts didn’t bring in squat because the Dems didn’t bank on the boat building industry simply leaving. Instead of more revenue, 55,000 people lost their jobs.

By the time the socialists realized they had screwed the pooch, it was too late. The jobs are gone forever. The industry isn’t coming back, even if the tax was/is repealed. Maybe it was, that I don’t know.

I asked my lib BIL if each of those 55,000 people that lost a job was happy now that they had gotten even with the rich. That plan worked out well. I swear there is a Monty Python sketch in there somewhere.

[dufekin]

One big problem: if this tax passes, then taxable transactions mostly will vanish. I’d expect a general 90% reduction in taxable transactions. People and especially businesses won’t make non-essential transactions in general. This tax will encourage vertical integration of enterprises (which isn’t necessarily a bad thing) to decrease tax expenses.

People won’t get taxed to put things on their credit cards only to pay a tax to pay off their credit card with money that they paid a tax to deposit in the bank. They’ll just take their cash wages (taxed once) and pay the merchant.

[darkangel82]

I like your idea.

[Plumberman27]

OK, i will go for that but in the future after this seven years of hell if there is any debt all members of congress and the senate are immediately executed. AND in the future if these representatives incur any debt they are immediately put to death. No trial just out to the tree and hung.

[WVNan]

We’re fighting tooth and nail right now to stop a toll road between here and Charleston. You know what they say. “Just until the road is paid for.” Yeah, right.

[Plumberman27]

Didn't that pig pelosi say no more debt? I personally think she needs put on the spot for that statement by the news media. Then again she is too busy flying her big a** around the country and world at our expense. An investigation should be launched and she should be forced to repay these costs. Didn't Ollie North have to pay for his security fence? You remember him he said the Bin Laden was the most dangerous man in the world and nobody even knew who the guy was.