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

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  1. rb11 profile image74
    rb11posted 8 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?

  2. Rochelle Frank profile image97
    Rochelle Frankposted 8 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?

    1. Jim Hunter profile image61
      Jim Hunterposted 8 years agoin reply to this

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

  3. Rafini profile image87
    Rafiniposted 8 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%.

    1. tony0724 profile image61
      tony0724posted 8 years agoin reply to this

      BRAVO ! smile

    2. Misha profile image70
      Mishaposted 8 years agoin reply to this

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

      1. Rafini profile image87
        Rafiniposted 8 years agoin reply to this

        then I would be forced to pay against my will and I'd cry R@PE!!  lol

        contact my state reps?  congress?  whoever it is I can contact and COMPLAIN my ASS OFF!!  lol

        1. Misha profile image70
          Mishaposted 8 years agoin reply to this

          Ok, I take your word for that wink

          1. Rafini profile image87
            Rafiniposted 8 years agoin reply to this

            big_smile

  4. tony0724 profile image61
    tony0724posted 8 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 !

  5. wilderness profile image98
    wildernessposted 8 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.

  6. Paraglider profile image93
    Paragliderposted 8 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?

  7. JON EWALL profile image75
    JON EWALLposted 8 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

    1. Paraglider profile image93
      Paragliderposted 8 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?

      1. Rafini profile image87
        Rafiniposted 8 years agoin reply to this

        Answer #1: greed begins at the top and apparently the top is government officials. hmm
        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.  hmm

  8. MikeNV profile image78
    MikeNVposted 8 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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