How many have heard of this bill: The Debt Free America Act - HR 4646
I heard this discussed on Boortz earlier in the week Has been out there since Feb. Essentially a 1% tax on all financial transactions. The enticement to get this passed is elimination of the income tax. However it would tax ANY financial transaction except purchase of stocks or bonds. It has been referred to as the ATM tax. You deposit money? pay 1%. You withdraw money? pay 1%. You buy something? pay 1% EACH AND EVERY TIME! Yeah, no income tax, but now your income will be taxed every time it is handled!
The bill can be found here
a good commentary on it here
and an artivle from the Hill
Tags: taxes
Replies to This Discussion
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Permalink Reply by Vern Shotwell on -
Reminds me of a time spent in the Netherlands, and a VAT tax, Kevin!
As a rep on a defense program, I was feverishly trying to learn the language. And delved into the classified adds. Found often the term "cash price"
Asked my local buddies what that meant? Learned that the price would be quite different if a record of the transaction existed: perhaps the offered item might, strangely, no longer be available, out of stock, or whatever!
Such approaches create "underground economies" Everything becomes cash deals, or, by barter only.
Doesn't work, never has, never will. One simply switches first to a cash economy. Then, should it progress, to a barter economy.
Back to the stone age, guys!
Change you can believe in!
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