1% Transaction Tax - Help Reduce the U.S. Government Debt

1. 64

   rb11posted 13 years ago

   The latest idea to come from Washington is to tax all transactions a 1% tax. So, if you go to the ATM, withdraw $100.00, an additional $1.00 will be added for this tax.
   
   Now, the question is, what qualifies as a transaction? Will it be paying a bill? Will it be buying groceries? How about your $10.00 co-pay when you go to see the Doctor?
   
   Should we embrace this idea to reduce debt? Is this a reasonable solution or do you feel outraged at this point?

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2. 91

   Rochelle Frankposted 13 years ago

   A good incentive to start bartering goods and services.
   They hope we won't notice a 1%. How about cutting spending by 1 or 5 or 10%? Wouldn't that work better?

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      Jim Hunterposted 13 years agoin reply to this

      Yes, but it makes too much sense and so will never happen.

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3. 82

   Rafiniposted 13 years ago

   I would be willing to pay a 1% 'transaction' tax only if elected officials wages were reduced to minimum wage and all other government spending was reduced by 25%.

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   1. 60

      tony0724posted 13 years agoin reply to this

      BRAVO !

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      Mishaposted 13 years agoin reply to this

      And what exactly would you do if they do implement this tax?

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      1. 82

         Rafiniposted 13 years agoin reply to this

         then I would be forced to pay against my will and I'd cry R@PE!! 
         
         contact my state reps?  congress?  whoever it is I can contact and COMPLAIN my ASS OFF!! 

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         1. 63

            Mishaposted 13 years agoin reply to this

            Ok, I take your word for that

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            1. 82

               Rafiniposted 13 years agoin reply to this

               

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4. 60

   tony0724posted 13 years ago

   As usual the only solution Dems have is Increase taxes. How about reducing the size of Government ? Geez wouldn't wanna do that !

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5. 95

   wildernessposted 13 years ago

   Sounds like just another spin on a sales tax to me, and I'm really tired of paying more and more and more taxes for things I'll never use or see.

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6. 87

   Paragliderposted 13 years ago

   Be careful of this one, folks. A transaction tax of 1% could easily result in a point of sale price rise of 6 or 7%. That's if it is applied to every transaction (i.e. every time goods change hands) from raw material right through to final retail.
   
   I've written a hub about this effect in UK. If interested, it's called VAT Increase - What does it mean in Real Money?

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7. 61

   JON EWALLposted 13 years ago

   huvbbers
   
   ENOUGH IS ENOUGH.  AN IMMEDIATE SOLUTION IS TO HAVE THE GOVERNMENT reduce  public employees fringe benefit 30%  , no more spending and no more taxes for starters.
   
   Government shows us how well they run the government‘s business. The average pay in the PUBLIC sector is $70,000 plus $40,000 in fringed benefits, a total of $110,000. In comparison the average pay in the PRIVATE sector is $40,000 plus $9,000 in fringe benefits, a total of $49,000.
   SOMETHING is very wrong, why does public employees receive $31,000 more in fringe benefits than the private sector?
   Maybe that's the answer to why states, cities and towns are going broke by having the taxpayers

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   1. 87

      Paragliderposted 13 years agoin reply to this

      Jon - genuine question from a non-American: Why is private sector pay so low in US? I know you are not fond of taxes, yet taxes in US are still quite a lot lower than most of Europe. So why are your private companies not paying decent salaries?

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         Rafiniposted 13 years agoin reply to this

         Answer #1: greed begins at the top and apparently the top is government officials.
         Answer #2: minimum wage is kept low by 12-20 million illegal immigrants
         Answer #3: why would any company pay a living wage when laws only regulate a minimum?
         Answer #4: Why would any company pay a living wage for US workers when they can get a tax break by outsourcing jobs to other countries where they can get away with paying less in wages?
         Answer #5:  there has to be someone to blame for all the negativity in the States. (stereotypes - only the poor have anger issues, only the poor get involved in drugs, only the poor have addiction issues, the poor don't want to work, the poor want to stay poor otherwise they wouldn't be poor, etc....)
         
         
         So...take your pick. 

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8. 67

   MikeNVposted 13 years ago

   If you want a true model of inefficient Government all you have to do is look at the Post Office.
   
   Who is going to fund the Government when the private sector disappears?
   
   Do we need to spend $800 Billion on the Military?  They can't scrape by on $400 Billion?
   
   5,700 Nuclear war heads is not enough?

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