Has anyone read this bill? H.R.4646

[maat55]

It is a bill to establish a 1% tax on all financial transactions including whole sale and retail purchases. It in essense is a consumption/transaction tax. This means that it taxes every type of transfer of money and not just that of buying.

I have read it. What I have taken from it is that it establishes the tax without full guarantee of repealing the income tax by 2017 that is called for but not made law.

To me, it is no different than the healthcare bill, it taxes first and decides uses later. It is deciding later if it would be prudent to use these funds to cover future deficits as apposesd to fully eliminating the national debt as proposed.

I am not well versed in political legal speak, please read the bill and discuss.

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

[Joan.of.the.Arch]

No, I had not read the bill. It is just sitting in committee, unconsidered, with no cosponsor, effectively dead.

However is this not the part that would repeal the federal income tax? I'm too lazy to go look up the 1986 Internal Revenue Code to see if this would do it, especially for a go-nowhere bill.

SEC. 6. REPEAL OF INCOME TAX ON INDIVIDUALS.

(a) In General- Chapter 1 of the Internal Revenue Code of 1986 is amended by striking the following provisions:

(1) Part I of subchapter A.

(2) Subpart A of part IV of subchapter A.

(3) Sections 31, 32, 35, 36, and 36A.

[maat55]

No, I had not read the bill. It is just sitting in committee, unconsidered, with no cosponsor, effectively dead.

However is this not the part that would repeal the federal income tax? I'm too lazy to go look up the 1986 Internal Revenue Code to see if this would do it, especially for a go-nowhere bill.

SEC. 6. REPEAL OF INCOME TAX ON INDIVIDUALS.

(a) In General- Chapter 1 of the Internal Revenue Code of 1986 is amended by striking the following provisions:

(1) Part I of subchapter A.

(2) Subpart A of part IV of subchapter A.

(3) Sections 31, 32, 35, 36, and 36A.

It claims to but does not specify a date other than after 2017. It also, gives leway in funding current deficits and unfunded liabilities.

The proposal is not to be brought before congress until nov. 3(smells fishy).

[cptacek]

hello cash society

[snafu]

A huge number of countries have some form of Value Added Tax [VAT]. It has different names, different details and acronyms and it's roaring towards you. Americans will need to pay debt and deficit when outstanding bonds are called.

In New Zealand they ended staggered income tax and charge 25% Goods & Services tax. Every retailer and service provider is also a government tax collector.

[maat55]

In New Zealand they ended staggered income tax and charge 25% Goods & Services tax. Every retailer and service provider is also a government tax collector.

This mimics the Fair Tax.

[woodie96]

The way I read it is....1 percent tax on any financial transaction. HMM, my employer pays me, has to pay 1% tax, deposited money in my account, 1% more, when I take 20 bucks out of the ATM, 1% more, I go to XYZ store and buy this and that, 1% tax.
In a way that would be fair and equitable. However, I just don't see the federal government doing away with the Personal Income Tax. That would eliminate the need for the majority of the IRS. The feds won't allow that I'm sure.

[maat55]

The way I read it is....1 percent tax on any financial transaction. HMM, my employer pays me, has to pay 1% tax, deposited money in my account, 1% more, when I take 20 bucks out of the ATM, 1% more, I go to XYZ store and buy this and that, 1% tax.
In a way that would be fair and equitable. However, I just don't see the federal government doing away with the Personal Income Tax. That would eliminate the need for the majority of the IRS. The feds won't allow that I'm sure.

That would be too american for them. We cant have a country where you do not file a tax return and pay the price that is on the sticker.

[EEinNJ]

The reason why initiatives like this never go anywhere is because they're simple and straightforward. The people and institutions that benefit from taxes being complicated and unfair will never allow it.
Such as:
The IRS and state agencies that employee thousands of bureaucrats, churning out hundreds of documents and processing millions of returns.

The tax attorneys, preparers, advisers who all get paid to help the befuddled.

The rich and corporations that get big breaks from loopholes.
The lobbyists for the rich and poor alike who complain "we shouldn't have to pay"

and lastly, the politicians who see the taxpayer as a goose with a never ending supply of golden eggs.

[maat55]

The reason why initiatives like this never go anywhere is because they're simple and straightforward. The people and institutions that benefit from taxes being complicated and unfair will never allow it.
Such as:
The IRS and state agencies that employee thousands of bureaucrats, churning out hundreds of documents and processing millions of returns.

The tax attorneys, preparers, advisers who all get paid to help the befuddled.

The rich and corporations that get big breaks from loopholes.
The lobbyists for the rich and poor alike who complain "we shouldn't have to pay"

and lastly, the politicians who see the taxpayer as a goose with a never ending supply of golden eggs.

There is a great deal of wasted money and time in our current system, not to mention corruption. It frustrates me to no end.

[woodie96]

We actually have a guy here running for Congress, and one of his main talking points is that house bill.
Like others have said. Too many hands in the pot to stop taxation the way it currently is. talk about skyrocketing unemployment.

[GREENBACK]

The changes spoken of here will only come about in sweeping revolutionary ways. I.E., it ain't gonna happen anytime soon. I think the american political system is set up so politicians who make promises within the comfort zone of the majority of voters will always be in power. I also believe the majority of americans don't want to venture out side of that comfort zone. I'd be shocked at anything like this bill passing.