1% Tax on all banking transactions...

Life, the universe, and everything.
Forum rules
- No personal attacks against players or staff members - please be civil!
- No posting of mature images/links, keep content SFW. If it's NSFW, don't post it on these forums.
Pril
Sojourner
Posts: 1834
Joined: Sat May 11, 2002 5:01 am

1% Tax on all banking transactions...

Postby Pril » Tue Oct 19, 2010 5:22 pm

http://statehouse.org/?p=61

This is awesome. So the purpose of this bill is to "eliminate national debt and to eliminate income tax. So now when you go to pay your credit card bill, you'll be taxed on it. When you withdraw $80 for a night out... yay more tax. Mind you this is already on top of the tax that they impose for you to put the money into the bank to begin with. I wonder how many times I can deposit/withdrawal a $20 bill before it becomes $1... the answer is 299 times (that's 150 deposits and 150 withdrawals)!


Oh and in case you were wondering. Yep he's a democrat!
The best of WTF statments of '06
--------------------------------------------------------
Danila group-says 'afk, machine gun in backyard started shooting cats'
Danila group-says 'afk a sec, 3 horned monkeys trying to steal hose'
Danila group-says 'afk, koala bear trying to mount my car'
Corth
Sojourner
Posts: 6002
Joined: Sat Jan 27, 2001 6:01 am
Location: NY, USA

Re: 1% Tax on all banking transactions...

Postby Corth » Wed Oct 20, 2010 5:49 am

I didn't care to get into the real nitty gritty of the Bill - but I have to say I agree with a lot of his "findings" with regard to the inefficiency and expense of the current taxing regime. And note that his proposal seeks to replace the income tax, not add to it. I just don't think it would work because it would create an enormous disincentive towards people and companies participating in banking transactions of any kind.
Having said all that, the situation has been handled, so this thread is pretty much at an end. -Kossuth

Goddamned slippery mage.
Sarvis
Sojourner
Posts: 6369
Joined: Fri Jan 26, 2001 6:01 am
Location: Buffalo, NY, USA
Contact:

Re: 1% Tax on all banking transactions...

Postby Sarvis » Wed Oct 20, 2010 12:17 pm

Corth wrote:I didn't care to get into the real nitty gritty of the Bill - but I have to say I agree with a lot of his "findings" with regard to the inefficiency and expense of the current taxing regime.


Other than calling it a regime, I don't think it's possible to argue otherwise.

And note that his proposal seeks to replace the income tax, not add to it. I just don't think it would work because it would create an enormous disincentive towards people and companies participating in banking transactions of any kind.


The same way income tax creates a disincentive for people to have income? ;)

Seriously though, this does seem like a silly way to tax. Even a flat sales tax would be better... though THEN you have a disincentive for people to buy products and lots of other problems.
<a href="http://www.code-haven.com">Code Haven</a> - For all your programming needs.

I detest what you write, but I would give my life to make it possible for you to continue to write. - Some Guy Who Paraphrased Voltaire
teflor the ranger
Sojourner
Posts: 3923
Joined: Fri Jul 26, 2002 5:01 am
Location: Waterdeep

Re: 1% Tax on all banking transactions...

Postby teflor the ranger » Wed Oct 20, 2010 1:35 pm

Corth wrote:I didn't care to get into the real nitty gritty of the Bill - but I have to say I agree with a lot of his "findings" with regard to the inefficiency and expense of the current taxing regime. And note that his proposal seeks to replace the income tax, not add to it. I just don't think it would work because it would create an enormous disincentive towards people and companies participating in banking transactions of any kind.

Corth, Corth, Corth, there are very simple solutions to this, such as printing an expiration date on all dollar bills. :D
Teflor does. Teflor does not.
teflor the ranger
Sojourner
Posts: 3923
Joined: Fri Jul 26, 2002 5:01 am
Location: Waterdeep

Re: 1% Tax on all banking transactions...

Postby teflor the ranger » Wed Oct 20, 2010 1:37 pm

Sarvis wrote:
And note that his proposal seeks to replace the income tax, not add to it. I just don't think it would work because it would create an enormous disincentive towards people and companies participating in banking transactions of any kind.


The same way income tax creates a disincentive for people to REPORT have income? ;)

fixed your dumbass comment
Teflor does. Teflor does not.
kiryan
Sojourner
Posts: 7275
Joined: Sat Apr 14, 2001 5:01 am
Location: Los Angeles, CA and Flagstaff, AZ
Contact:

Re: 1% Tax on all banking transactions...

Postby kiryan » Wed Oct 20, 2010 4:40 pm

How is a sales tax more fair than an income tax? A sales tax taxes only what you spend. If you save it or invest it, you don't pay tax. The more disposable income you have, the more you can save / invest. I'm not a fan of sales tax.

How is a bank transaction tax more fair than an income tax? You can circumvent much of it by paying in cash. If you think about it debit/credit card economy really keeps things on the up and up. People don't have large sums of cash at home or on them to get stolen... Once people start getting used to having untraceable envelopes of money lieing around... well theres all sorts of trouble that is associated with that. I really don't think pushing people towards using cash is good for society or tax receipts (other than depriving banks of that 1.5-3% they steal on every credit card transaction... This is coming from a guy who pays in cash most of the time to help increase the profit margins at places where I shop and to eliminate electronic records of what I'm doing and when I'm doing it.

Really the only fair way to collect taxes is based on income. We just need to make it a flat income tax and take away the loopholes. Really, I sympathize with the cost of raising children, but it was my decision to have 6 kids, why does that mean I get to pay less tax... let alone get some of your tax back as a credit because some panel decided that I live below the poverty line?? Also, while its good to stimulate business research and investment... business needs to pay its fair share too. We have capital markest to spur research and investment, we have capitalism to faciliatate new companies that can innovate and be successful.

Return to “T2 General Discussion Archive”

Who is online

Users browsing this forum: No registered users and 16 guests