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Thursday, December 21, 2006

End Taxes: Personal, Corporate, Social Security and more.

by Chuck McGlawn

At the last two meetings of the Libertarian Party of Orange County Dr. Randell Young has spoken on ending the Personal, Corporate, Social Security and other taxes with a Federal Reserve “Transaction Fee”. Discussions were very lively, and member interests piqued. Dr. Young, while very informative, left some questions of details unanswered.

It turns out that U.S. Congressman Chaka Fattah (D) PA http://www.house.gov/fattah/ http://www.house.gov/fattah/bio/bio.htm has proposed the “Comprehensive Transform America Transaction Fee Act” or H.R. 1601. It would eliminate a list of taxes. Revenue would be generated through Federal Reserve transaction fees. The transaction fee is triggered by a transaction that uses any kind of payment using a Federal Reserve instrument: check, cash, credit card, or anything else. The fee would be collected on retail and wholesale sales, business to business purchases of goods, and financial or other intangibles’ transactions. Not a sales taxes or a Value Added Tax.

With estimated annual transactions of $750 trillion, a 0.4% fee would produce a “revenue neutral” $2.6 trillion. Chairman Bill Thomas of the House Ways and Means Committee said, “The transaction fee concept could potentially simplify tax collections while capturing underground economic activity that currently evades taxation.” In addition, transactions made by foreign investors and corporations will also be captured for the first time.

This bring us to the “Vote Buying” aspects of the proposal through Exemptions, deductions, credits and exclusions, Distribution of the tax burden, Treatment of charitable giving, Treatment of homeownership, Collection method(s), Treatment of businesses ETC. Read the Congerssman's FULL PROPOSAL at. http://www.house.gov/fattah/issues/FinalFattahFeeLegSeal.pdf

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