The debt solution is here!!!!

[T-rav]

Its brilliant folks, its a new idea its called a tax!

A 1% tax on bank transactions, We The People must put a stop to this madness starting in November.


H.R. 4646 - Summary: Debt Free America Act (GovTrack.us)

 

[E5RANGER375]

hmm leave it to socialist politicians to try and keep taking working peoples money and giving it to worthless bums.

 

[PatriotPride]

Fine. I'll stop using banks. If this passes I'll close my account immediately and move to something else. Two can play that game, Socialist scum.

I have an idea for debt-free America: STOP SPENDING US INTO OBLIVION! Try being fiscally responsible for once. It's pathetic.

 

[E5RANGER375]

yeah, i only use banks when i have too now. they can keep their crappy intrest rates. theres many other options of storing your money rather than banks, and much safer too. and it works for people with lots of $$ and people will not so much $$.

 

[Bill of Rights]

Did you guys see the summary where it says that this would, in 2017, repeal the individual income tax?

I might be OK with this passing. A 1% tax on all bank transactions... I'll just withdraw my money. Forty nine cents at a time. Or all of it, the day before this becomes effective.

 

[PatriotPride]

Did you guys see the summary where it says that this would, in 2017, repeal the individual income tax?

I might be OK with this passing. A 1% tax on all bank transactions... I'll just withdraw my money. Forty nine cents at a time. Or all of it, the day before this becomes effective.

No I did not. IF, and this is a BIG if, the individual income tax were actually repealed in 2017 then I would be ok with this passing. However, the government will not keep it's word. That's my honest opinion.

 

[E5RANGER375]

im still not ok with it passing or the current income tax either. settling for one is compromising whats constitutional and right in my opinion.

they dont have the authority to do either one as far as im concerned.

wee need to look for ways to shrink this beast called the federal government. not feed it and make it bigger. besides, the way things are going, i dont think they will even be around in 2017

 

[Ramen]

But... If the US paid off all of the debt we wouldn't have any money.

I would love to see this pass just so the Treasury Secretary would have to testify in front of Congress how the US money system actually works.

No Debt = No Money.

 

[Hornett]

But... If the US paid off all of the debt we wouldn't have any money.

I would love to see this pass just so the Treasury Secretary would have to testify in front of Congress how the US money system actually works.

No Debt = No Money.

The way I understand it, for all intents and purposes, every dollar in circulation is borrowed from somewhere: China. Japan, The Federal reserve...

 

[ATOMonkey]

Repealing the income tax will require another amendment to the constitution. Who really thinks that will actually happen?

Without an amendment, the individual income tax can always be added again later.

Also, the Senate could amend the bill prior to the 2017 removing that portion the eliminates the income tax.

Sorry, no thanks. I'll not grant more power to the government with just a hope that they relinquish some.

 

[ATOMonkey]

The way I understand it, for all intents and purposes, every dollar in circulation is borrowed from somewhere: China. Japan, The Federal reserve...

Not true. If you eliminated all debt, the currency would revert back to the gold standard. The supply would be greatly diminished, but would be worth a LOT more.

To be fair, without debt, you can't grow the amount of currency in circulation, without digging more metal out of the ground.

 

[Disposable Heart]

Did you guys see the summary where it says that this would, in 2017, repeal the individual income tax?

I might be OK with this passing. A 1% tax on all bank transactions... I'll just withdraw my money. Forty nine cents at a time. Or all of it, the day before this becomes effective.

THANK YOU! Folks need to slow down and read the link, instead of 2 pages of knee jerk reactions!

Repeal of income tax. Cool. 1% tax on all cash, card or bank transactions? Not terrible, unless you are dealing with thousands of dollars, PARTICULARLY if it repeals income tax. Not to mention it gives a tax credit on the payments and transactions done UNTIL 2017.

Sounds ALOT like flat tax? Maybe? A bit more invasive however, but still. The thousands of transactions some folks make in a month or year, each taxed.

One thing that concerns me though: 1. What about state tax? State income tax? I dont see that going away.
2. What about existing sales tax?

Not entirely on board, but still interested. Debt? The US will always have debt, dont worry. Crazy programs, pointless wars, its the American way!

 

[ATOMonkey]

It would not affect any state taxes, as the states and federal government are still seperate (at the moment).

Would this also repeal payroll tax? What constitutes a "transaction"? If I move my money from savings to checking is that a transaction?

What guarantee do we have that the personal income tax will actually be repealed other than a promise that can be changed? What guarantee do we have that even if repealed won't be instituted again later?

Sorry, this doesn't pass my "we want to screw you harder" meter.

 

[Disposable Heart]

It would not affect any state taxes, as the states and federal government are still seperate (at the moment).

Would this also repeal payroll tax? What constitutes a "transaction"? If I move my money from savings to checking is that a transaction?

What guarantee do we have that the personal income tax will actually be repealed other than a promise that can be changed? What guarantee do we have that even if repealed won't be instituted again later?

Sorry, this doesn't pass my "we want to screw you harder" meter.

Repped!

The points given here illustrate my hesitation on this new proposal!

Definite repeal dates and transfers. What is a transaction? They do mention cash transactions. How? Whom must pay this? Businesses in the form of further sales taxes? Too many ifs and whats!

 

[Bradsknives]

If this includes credit card transactions (credit card companies usually transfer monies directly into banking accounts) ....it would be a killer for small businesses that have hundreds or even thousands of credit card transactions in a month.

 

[ATOMonkey]

If this includes credit card transactions (credit card companies usually transfer monies directly into banking accounts) ....it would be a killer for small businesses that have hundreds or even thousands of credit card transactions in a month.

That's what I'm wondering. If they tax the money every time it changes hands, or from one account to the next, you could get taxed 5 or 6 times easily on just one purchase.

Also, what's to say it stays at 1%? Wasn't the income tax only supposed to ever be 1% and that was just to pay for the War?

Creep creep creep...

 

[Pocketman]

IMHO, there is only one answer to paying down the debt and balancing the budget: cut spending and raise taxes. Not that I like the idea, both are probably necessary. The challenge being getting leaders of both parties to be honest about that and to have the courage to do something about it. While I am skeptical of anything coming out of Washington, this 1% transaction tax, and the associated elimination of the income tax is at least worth looking at.

 

[jeremy]

IMHO, there is only one answer to paying down the debt and balancing the budget: cut spending and raise taxes. Not that I like the idea, both are probably necessary. The challenge being getting leaders of both parties to be honest about that and to have the courage to do something about it. While I am skeptical of anything coming out of Washington, this 1% transaction tax, and the associated elimination of the income tax is at least worth looking at.

There are other options out there...
Like how about cutting all Entitlement Programs completely...
I bet that would save us quite a bit of dough just right there...

 

[Disposable Heart]

I like the scene from the movie "Dave": He gets his CPA buddy to look over the budget, balances within a night, with money to spare.

Why can't common sense be injected into this system of ours? Too many butts in the kitchen, each trying to get a sup at the table. Too many bloated bureaucracies that will cry when booted out due to the lack of efficiency. I get sickened by the idea that we have such an unwieldy structure in taxation. The taxes are bad enough, now the structure is so complex that it darn near requires someone with a background in actuarial science to decode it. Filthy crap.

 

[jeremy]

"The real destroyer of Liberties of the People is he who spreads among them bounties, donations, and benefits." Plutarch

I find it annoyingly ironic that someone that lived around the time of Christ knew this, but yet Modern Man cannot grasp this simple fact of life...