Originally posted by sh76In the UK it's pretty easy to open an account in Jersey and do almost all banking offshore. It would be pretty easy for banks in the US to adapt to this and do the same for any non-trivial payment.
Also, with banks, people almost always use banks with local branches that would be subject to local jurisdiction. Banking on a daily basis with a foreign bank to avoid the tax would be extraordinarily inconvenient and so I suppose they're not worried about it.
Edit - Which might mean that smaller banks will get shafted.
Originally posted by joneschrI think the American people have reached a cross roads. I think if government is not curtailed pretty much every peice of legislation will be aimed at sucking money from its citizens whether it be this tax or cap and tax etc. Government will now begin to assume the role of tyrrant unless things dramatically change.
If this goes into effect, you can pretty much bet I'll be pulling out all my money from the bank before it goes into effect.
Do we really want bank rushes right now?
Originally posted by EladarThis sort of taxation does look pretty interesting, but I'm not quite convinced it's such a miracle solution as the site you linked suggested. Maybe you are willing to give a good rundown of the benefits to try and convince me ? This thread doesn't seem to be the right place though, it's an obvious political hatchet job from post 1 and I'd like to discuss the economical merits of the system, the two don't really mix that well.
I like the idea of a transaction tax, but not as an additoinal tax. If we go to a different tax system, then we need to get rid of the old taxes while we are at it.
I've liked this idea for years now: http://www.apttax.com/
Originally posted by utherpendragon1. What exactly does Obama have to do with this, it's not quite obvious from your link. As far as I can tell, it was introduced by a single congressman and I wonder how that is linked to "Obama's finance team"
H.R.4646 -- 1% tax on all transactions at any financial institution
H.R.4646 — Debt Free America Act (Introduced in House – IH)
"President Obama’s finance team is recommending a transaction tax. His plan is to sneak it in after the November election to keep it under the radar. This is a 1% tax on all transactions at any financial institution i. e ...[text shortened]... ere they can raise it at will."
http://www.ohiofreepress.com/tag/debt-free-america-act/[/b]
2. Great job of scaring people with new taxes, but let's take a look at the summary
"Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals.", so it's exchanging one tax with another. Of course, a good economic analysis will be needed to find out if that 1% will actually make the operation tax neutral. Of course, there is ample time for that seeing as the bill has only been entered referred to commitee.
I must also wonder how exactly the "sneaking in" of bills works in the US. You introduce them in February and with expert timing they "sneak in" just after the November elections ?
So basically, this is a bill that has probably long since died in a committee, as it was introduced by a single person without any real political weight, but seeing as the elections are coming close it is suddenly brought and misrepresented to damage Obama.
Originally posted by utherpendragoni could go for that, as long as they shut down the rest of the tax code, including any more of the IRS than needed to administrate the 1 pct tax.
H.R.4646 -- 1% tax on all transactions at any financial institution
H.R.4646 — Debt Free America Act (Introduced in House – IH)
"President Obama’s finance team is recommending a transaction tax. His plan is to sneak it in after the November election to keep it under the radar. This is a 1% tax on all transactions at any financial institution i. e ...[text shortened]... ere they can raise it at will."
http://www.ohiofreepress.com/tag/debt-free-america-act/[/b]
it's the modern age!
also, anyone not achieving a certain floor in their 1 pct tax should be required to make up the difference in public labor. we could get rid of a lot of public employees that way!
it's the modern age!
Originally posted by DrKFSeems like the tax burden would be a net increase for many of the poorest citizens such as the unemployed, the homeless, etc.
Mr and Mrs Average will receive a 1% tax credit, so the transaction tax - in the round - squarely targets higher earners. As per the above.
Originally posted by ThinkOfOnethus "also, anyone not achieving a certain floor in their 1 pct tax should be required to make up the difference in public labor. we could get rid of a lot of public employees that way! "
Seems like the tax burden would be a net increase for many of the poorest citizens such as the unemployed, the homeless, etc.
people need to feel like they're a part of their government.
heck, why not make mandatory service for everyone?!?
Originally posted by zeeblebotTell me you're being facetious. Seems like a number of posters on these forums might say that in all seriousness.
thus "also, anyone not achieving a certain floor in their 1 pct tax should be required to make up the difference in public labor. we could get rid of a lot of public employees that way! "
people need to feel like they're a part of their government.
heck, why not make mandatory service for everyone?!?
i'm not being facetious at all. the govt already squeezes labor out of a subset of citizens, in the form of tax dollars. those dollars were earned by taxpaying citizens.
tax freedom day is April 9th this year. unless you live in Connecticut, in which case it's April 27th.
http://en.wikipedia.org/wiki/Tax_Freedom_Day
Originally posted by zeeblebotIf I'm understanding you correctly, all I have to say is, "What an incredibly self-centered point of view."
i'm not being facetious at all. the govt already squeezes labor out of a subset of citizens, in the form of tax dollars. those dollars were earned by taxpaying citizens.
tax freedom day is April 9th this year. unless you live in Connecticut, in which case it's April 27th.
http://en.wikipedia.org/wiki/Tax_Freedom_Day
Yeah, I know, "It's the American way".
http://en.wikipedia.org/wiki/Starship_troopers#Politics
Politics
Starship Troopers is a political essay as well as a novel. Large portions of the book take place in classrooms, with Rico and other characters engaged in debates with their History and Moral Philosophy teachers, who are often thought to be speaking in Heinlein's voice. The overall theme of the book is that social responsibility requires being prepared to make individual sacrifice. Heinlein's Terran Federation is a limited democracy with aspects of a meritocracy based on willingness to sacrifice in the common interest. Suffrage belongs only to those willing to serve their society by two years of volunteer Federal Service — "the franchise is today limited to discharged veterans", (ch. XII), instead of anyone "...who is 18 years old and has a body temperature near 37 °C"[16] The Federation is required to find a place for anyone who desires to serve, regardless of his skill or aptitude (this also includes dangerous non-military work such as serving as experimental medical test subjects).
There is an explicitly-made contrast to the democracies of the 20th century, which according to the novel, collapsed because "people had been led to believe that they could simply vote for whatever they wanted... and get it, without toil, without sweat, without tears."[17] Indeed, Colonel Dubois criticizes as unrealistic the famous U.S. Declaration of Independence line concerning "life, liberty and the pursuit of happiness". No one can stop anyone from pursuing happiness, but life and liberty are said to exist only if they are deliberately sought and paid for.
Starship Troopers is also widely-regarded as a vehicle for Heinlein's anti-communist views. Characters attack Karl Marx (a "pompous fraud" ), the labor theory of value ("All the work one cares to add will not turn a mud pie into an apple tart..." ),[18] and Plato's The Republic ("ant-like communism" and "weird in the extreme" ).[19]
Originally posted by zeeblebotNow I have to believe you're being facetious. No one's that dim.
you don't think everyone should contribute to government?
you don't think people would feel better of themselves if they all DID contribute to government?
you're not a public employee by any chance, are you?