Posted on 10/27/2010 7:01:24 AM PDT by ADSUM
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.
In other words, if a man deposits his paycheck into the bank, there would be a 1-percent tax levied on the "transaction." When the same man then withdrew the money through an ATM, there would be another 1-percent tax. When he spends the money to have his car's oil changed, there would be another 1-percent tax, and so forth.
(Excerpt) Read more at wnd.com ...
U.S. Rep. Chaka Fattah, D-Pa plan to tax everything will turn this nation into the Land Of the Lost.
Chaka Fattah?
Isn’t he the half-brother of Mattah Focker?
Just another way to get money to spend while they don’t have it. Government spends best when it has excess funds...
How many taxes with a time limit has ever been DE-solved?
How does this differ from the so-called FAIR TAX, which abandons the IRS and taxes every transaction? Oh yes, the FAIR TAX is 23%. this will certainly avoid Taxing of the WEALTHY.
....On us, while they devour Delmonico steaks, caviar, and drink fine wines.
They spend, and wallow in the luxuries - while we, the tax slaves, break our backs struggling every hour to pay the bills forced upon us.
Like folks in the real world.
Isnt he the half-brother of Mattah Focker?
Nope.
He's the bastard offspring of Mattah Focker!
CA....
that needs to be its own thread..
That's because everything they do involves spending money we don't have. Every penny raised in new tax should be matched with a dollar cut from the Federal Budget.
Since the problem is spending, not how much the government takes in. Then deficits would only increase, even if they passed this.
America’s Democrats want to tax us into the stone age.
A dumbed down, poor, sickly, and desperate population is easier to rule over. A politician becomes their God.
Would they tax EBT transactions, too?
Not that I think this bill is going anywhere—the tax is too high. It would paralyze the velocity of money.
The FAIR TAX taxes sales, not all transactions. Big diff.
I'm gonna start honing my blackjack skills...
This guy Caca Fatwa is nuts.
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