Only Democrats could think of this sort of tax hike. To pay down their record spending spree, that added trillions to the deficit, Democrats are pushing a bill that will help them pay down the deficits they’re creating. Let’s tax Americans on their ATM withdrawals.
One idea for raising taxes to pay down the debt is the bill introduced this February by Rep. Chaka Fattah (D-Pa.). His “Debt Free America Act” (H.R. 4646) would impose a 1 percent “transaction tax” on every financial transaction — whether paid by cash, credit card or any form of financial transfer, the only exception being transactions involving the purchase or sale of stock. Theoretically, everyone would pay one cent on the dollar for every such transaction in America every day — whether $3 million on a $300 million business acquisition, $300 on the purchase of a $30,000 car, or $5 on a $500 ATM withdrawal.
To reduce the impact of such a flat tax on the poor, Fattah’s bill provides for a 1 percent tax credit for couples earning $250,000 or less ($125,000 or less for individuals) and discretion by the Treasury Department to exempt certain transactions on which lower-income people disproportionately rely. Another idea would be to amend his bill to exempt all transactions below $500.
Great idea. Let’s steal their money and then offer it back to them in the form of a tax credit. This will fool the weak-minded followers who think “free money…great” but it is just another Democrat pushing a scheme to steal money from taxpayers. If passed, this bill will only create another slush fund for politicians to raid.
The taxpayers are truly the government’s ATM! AUTOMATED TAXPAYER MACHINE