Check out this new bill in committee in Congress!

[bored]

Geez how do these idiots keep getting elected. The simple fact somebody would introduce legislation like this. Google HR4646. Here is the summary.

Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines "transaction" to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions. Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations. Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act.

 

[LuvOrlando]

Hold on a second, am I reading that right? They want to impose another tax on any transactions taking place in this country? ALL this in the middle of a Depression? What a nightmare, I'm stunned. Would you look at that, it comes from my own state.... harumph. So what is the goal now, to discourage any form of commerce whatsoever? Hmmm, I don't seem to remember that particular theory when I got my degrees in Economics and Finance, wonder what it's called?

 

[bored]

Hold on a second, am I reading that right? They want to impose a tax on any non-cash transactions taking place in this country? So to save money the whole country would have to make it a point to drive to their utilities and pay their bills or move their loan to local banking institutions so they could walk the payment in or suffer the consequences of paying more money. ALL this in the middle of a Depression? What a nightmare, I'm stunned.

Yep, go to ATM pay 1% tax, buy gas pay 1% tax, direct deposit paycheck 1% tax.

 

[Jennasis]

Hold on a second, am I reading that right? They want to impose a tax on any transactions taking place in this country? ALL this in the middle of a Depression? What a nightmare, I'm stunned. Would you look at that, it comes from my own state.... harumph.

No...ANY transaction. CAsh included.

 

[phorsenuf]

Well, if it's to replace the current tax structure then people may end up paying less. If you end up paying a 'fee' on $100,000 then you end up paying $1,000. Wouldn't that end up being less then what that person would pay under the current system?

Or am I understanding this wrong.

 

[Pigeon]

I thought religion and politics were taboo subjects?

 

[LuvOrlando]

No...ANY transaction. CAsh included.

Yep, that's why I went back and fixed it. I wasn't reading it right at all

 

[LuvOrlando]

I thought religion and politics were taboo subjects?

This is neither.

If we can talk about taxes during tax season, and we can talk about budgets on the budget board how is this any different? This is a thread about an idea for a new tax that would shrink our budgets. Guess it's up to the Mod but I don't see it, this is an idea, no more and no less. And an idea that would affect us all just as much as when Disney ups their ticket fees.

 

[KimR]

Well, if it's to replace the current tax structure then people may end up paying less. If you end up paying a 'fee' on $100,000 then you end up paying $1,000. Wouldn't that end up being less then what that person would pay under the current system?

Or am I understanding this wrong.

That's how I'm understanding it. Sounds like a great idea to me and it does away with the inequities in the current income tax system. But maybe I'm missing something?

 

[dejr_8]

1) We had a RECESSION not a DEPRESSION

2) The Recession officially ended in mid-2009. The recovery however is very slow and essentially jobless.

 

[DMass]

1) We had a RECESSION not a DEPRESSION

2) The Recession officially ended in mid-2009. The recovery however is very slow and essentially jobless.

It's over?!

 

[LuvOrlando]

I don't think it is intended to replace anything at all. This is a proposal on how to deal with the debt, and the debt alone so it is above and beyond the current structure.

We pay everything like we do right now AND we also pay 1% more every single time we use money in any way shape or form.

 

[phorsenuf]

Geez how do these idiots keep getting elected. The simple fact somebody would introduce legislation like this. Google HR4646. Here is the summary.

Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines "transaction" to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations. Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act.

I don't think it is intended to replace anything at all. This is a proposal on how to deal with the debt, and the debt alone so it is above and beyond the current structure.

We pay everything like we do right now AND we also pay 1% more every single time we use money in any way shape or form.

According to the bolded part above it looks like it's too phase out individual income tax.

 

[disneyjunkie]

I thought religion and politics were taboo subjects?

So did I.

 

[LuvOrlando]

1) We had a RECESSION not a DEPRESSION

2) The Recession officially ended in mid-2009. The recovery however is very slow and essentially jobless.

Really, could you show me a reliable source for the technical differences between a Recession and a Depression? The reason you can't find it is because the term Recession is nothing more than a euphemism to prevent people from being upset. It's like using the term H1N1 not Swine Flu, it's the same thing, only different because people like one way of wording it better than the other.

Know what else, out unemployment rate would be staggeringly higher if our military personnel were actually here because as long as they are deployed they re not included in the count. Things are not as rosy as many would like to believe.

 

[Jennasis]

I don't think it is intended to replace anything at all. This is a proposal on how to deal with the debt, and the debt alone so it is above and beyond the current structure.

We pay everything like we do right now AND we also pay 1% more every single time we use money in any way shape or form.

Mmmm...you may want to reread the proposal again.

Phorsenuf is correct.

 

[Acklander]

According to the bolded part above it looks like it's too phase out individual income tax.

I don't think they'd phase out the individual income tax until the debt is paid off??? I've always been in favor of a national sales tax instead of an income tax. That way you'd collect tax on all the illegal money as well, and there would be no point in working under the table. Of course it would then open up the problem of black market sales and I'm sure bartering would become a booming business.

 

[LuvOrlando]

According to the bolded part above it looks like it's too phase out individual income tax.

For just the Fed or States and Municipalities too? I can't imagine it being that simple. Too many hands out. Besides, all anyone would have to do to dodge it would be to spend outside the country, or save everything. It's too easy to circumvent, I wouldn't even need an accountant and I could do it.

 

[Jennasis]

Really, could you show me a reliable source for the technical differences between a Recession and a Depression? The reason you can't find it is because the term Recession is nothing more than a euphemism to prevent people from being upset. It's like using the term H1N1 not Swine Flu, it's the same thing, only different because people like one way of wording it better than the other.

Know what else, out unemployment rate would be staggeringly higher if our military personnel were actually here because as long as they are deployed they re not included in the count. Things are not as rosy as many would like to believe.[/QUOTE

From economist.com:

Depression

A bad, depressingly prolonged RECESSION in economic activity. The textbook definition of a recession is two consecutive quarters of declining OUTPUT. A slump is where output falls by at least 10%; a depression is an even deeper and more prolonged slump.



The answer is TIME. A depression is longer than a recession.

 

[phorsenuf]

For just the Fed or States and Municipalities too? I can't imagine it being that simple. Too many hands out. Besides, all anyone would have to do to dodge it would be to spend outside the country, or save everything. It's too easy to circumvent, I wouldn't even need an accountant and I could do it.

State and municipalities have always been separate and collect their own taxes so I'm not sure why that would change.

But you would need to spend in this country. You would need gas, housing, food. It's not anything you could avoid.