Debt Free America Act

Discussion in 'Politics' started by Salty, Aug 16, 2011.

  1. Salty

    Salty
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  2. Havensdad

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    Yeah, the only problem is the IRS is not affected until 2021. Promises to do away with old taxes, to institute new, NEVER occur. You just end up with TWO taxes!

    No tax changes of such a large nature should occur, unless they are consecutive. I.E. One tax (the IRS and income tax) is taken away, at the SAME TIME that the new tax is instituted.
     
  3. Salty

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    I fully agree - and the proposed law should be very specific about that
     
  4. freeatlast

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    That is nothing except a way to raise more tax dollars so they can spend more. There is no provision to force a debt payoff or stop new spending. That thing will never see the light of day. It is nothing but more bureaucratic nonsense from some representative that has no clue in how to fix the unfixable.
     
  5. Salty

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    Totally disagree!!! No more income tax forms to fill out.
    No need to keep receipts to prove purchase or amt given to charity. No need to pay a tax preparer ( $100 to do fed?)

    Less paperwork and forms for non-profits to show amts given by taxpayers.

    EVERYONE pays taxes !!

    NO LOOPHOLES.

    Lots of advantages

    But I do agree we need a balance budget amendment
     
  6. billwald

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    Who polices the 1% transfer tax? Does it cover international transfers? How does it work with cash? Does it cover the kids allowance?

    In other words, will not work if cash exists.
     
  7. Salty

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    Basically it is a electronic tax - processed automatically - just like your bank charge -

    and cash transfers would be tax free - but the vast majority of all transactions are done via check, credit card, ect.

    As far as international - when a transfer hits a US bank - it is taxed at the 1% - so a one million dollar transaction would be taxed for an amount of $10,000
     
  8. billwald

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    Then cash bribes would be undetectable?
     
  9. billwald

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    By the way, the bill includes cash:

    Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on every specified transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines "specified transaction" to: (1) exclude any deposit into a personal account of an individual and any transfer between accounts, and (2) include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.
     
  10. Salty

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    THANKS, I didnt read the info entireley -

    There is a nother version of the electionic tax, that would not tax cash payments.

    Over all, I do support the OP tax plan - provided it doese away with the current income tax, and does not exceede 1%
     
  11. billwald

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    I also support the OP plan if cash money except existing coins is called in and eliminated. New coins up to $5 could be issued - enough to buy breakfast but to small to bribe anyone.

    I suppose a 1% tax would be enough but haven't seen any numbers.
     
  12. Salty

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    Here is another plan that is considered - this one is a 5% tax, but it replace not only Federal tax, but all State and local taxes as well

    as far as doing away with cash - I would compromise with bills no larger than $20
     
  13. carpro

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    Never happen as long as democrats are in power. They are simply too addicted to spending trillions to buy votes and power.
     
  14. Salty

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    Did you notice that the sponsor is a Dem!

    Folks, write your congressmen - tell them to push for this. Get with the national parties, have them put this on the platform!

    Imagine do away with all taxes ( import would be okay)
     
  15. carpro

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    He'll never get any substantial support form his own party.
     
  16. AresMan

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    One thing I don't like about this kind of scheme is the lack of privacy. I would rather not have the federal government be able to track every single transaction I do down to the minutest detail. As long as there is a way to keep transactions confidential with local banks or with those with whom you do business, I would be fine with it.

    IF we need a government and some form of taxation to fund it, there has to be a way to get the funding such that the government should not have to know or care how and who paid--just that the result is enough to fund its limited scope of operations.

    I would favor any form of taxation that
    1. is low and not a burden
    2. is simple and without loopholes and incentives
    3. respects privacy of spending habits
    4. does not have to let government know how rich or poor anyone is
    5. only lets the government know that the total received is enough

    Any ideas? ;)
     
  17. AresMan

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    Hmm....

    Exo 30:13 This they shall give, every one that passeth among them that are numbered, half a shekel after the shekel of the sanctuary: (a shekel is twenty gerahs: ) an half shekel shall be the offering of the LORD.
    Exo 30:14 Every one that passeth among them that are numbered, from twenty years old and above, shall give an offering unto the LORD.
    Exo 30:15 The rich shall not give more, and the poor shall not give less than half a shekel, when they give an offering unto the LORD, to make an atonement for your souls.
    Exo 30:16 And thou shalt take the atonement money of the children of Israel, and shalt appoint it for the service of the tabernacle of the congregation; that it may be a memorial unto the children of Israel before the LORD, to make an atonement for your souls.


    :D
     

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