Black People : Debt Free America Act

Discussion in 'Black People Open Forum' started by truetothecause, Jul 28, 2010.

  1. truetothecause

    truetothecause Well-Known Member MEMBER

    Joined:
    Feb 26, 2007
    Messages:
    5,447
    Likes Received:
    840
    Occupation:
    The~rapist
    Location:
    In the fantasy of Afreekan Unity
    Ratings:
    +843
    Feb 23, 2010 - Introduced in House. This is the original text of the bill as it was written by its sponsor and submitted to the House for consideration. This is the latest version of the bill currently available on GovTrack.

    HR 4646 IH

    111th CONGRESS

    2d Session

    H. R. 4646

    To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

    IN THE HOUSE OF REPRESENTATIVES

    February 23, 2010

    Mr. FATTAH introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, Rules, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

    A BILL

    To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

    SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Debt Free America Act’.

    SEC. 2. FINDINGS; PURPOSES.

    (a) Findings- The Congress finds the following:

    (1) The current tax structure creates economic distortions that limit growth and job creation.

    (2) The estimated cost of compliance to taxpayers is five billion hours and approximately $200 billion.

    (3) Restructuring the tax code will promote economic prosperity.

    (4) Replacing existing Federal taxes with a fee on transactions eliminates systemic inefficiency that plagues the current tax code.

    (5) The United States, from its beginning in 1790 to the present, has been free of a national debt for only two years, 1834 and 1835.

    (6) The national debt has grown from $75.5 million in 1790 to $5.8 trillion in 2008.

    (7) Expressed as a percentage of gross domestic product (GDP), the national debt reached a high of 108.6 percent of GDP in 1946.

    (8) After 1946, the national debt as a percentage of GDP declined, reaching a low of 32.5 percent in 1981....

    More here...~~~>


    Seems like this is worth a try huh:?:



    M.E.
    :hearts2:
     
  2. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

    Country:
    United States
    Joined:
    Mar 21, 2001
    Messages:
    69,983
    Likes Received:
    3,978
    Gender:
    Male
    Occupation:
    BUSINESS owner
    Location:
    Da~WINDY*CITY //CHICAGO
    Ratings:
    +4,178
    You know the package deal sound good and resounding but will it be effective ?
    and who really gains from it , or let's say will this bring many up from the deep poverty end ??
     
  3. truetothecause

    truetothecause Well-Known Member MEMBER

    Joined:
    Feb 26, 2007
    Messages:
    5,447
    Likes Received:
    840
    Occupation:
    The~rapist
    Location:
    In the fantasy of Afreekan Unity
    Ratings:
    +843
    Good Questions! :toast:


    Thanks for Sharing!


    M.E.
    :hearts2:
     
  4. bientempo

    bientempo Well-Known Member MEMBER

    Country:
    Dominican Republic
    Joined:
    Oct 11, 2009
    Messages:
    736
    Likes Received:
    141
    Gender:
    Male
    Location:
    Dominican Republic
    Ratings:
    +165
    Depends on what a transaction is.

    This sounds like another way to say VAT. We have a VAT here in the DR and its 16% of the purchase, some foods are exempt, but thats all.

    Most of Europe also has VAT. They like us also have income tax. VAT is nothing more than a country sales tax built on a pyramid. Every one pays a tax on an item and if the item is improved then the tax is paid again by another consumer on a different value, until it gets to the end user. Will normally affect the lower end the most.

    The idea of replacing income tax with VAT sounds good but I don't know of any where its been done, you normally end up with both! Difference would be probably a flat income tax.
     
  5. river

    river Watch Her Flow MEMBER

    Country:
    United States
    Joined:
    Mar 22, 2004
    Messages:
    6,458
    Likes Received:
    1,282
    Gender:
    Female
    Occupation:
    Author
    Location:
    Where the Niger meets the Nile
    Ratings:
    +1,290
    Based on this summary I don't know. Maybe anything will be better than what we have now but it leaves me with a few questions
    My questions are:

    1. How will this be enforced? Right now sales tax goes to the state. If we have the feds looking into all our business how intrusive will that be?

    2. Replace a refundable income tax with a non refundable fee. Remember this is on top of the sales tax. If it is meant to help the feds get more money that means we will be paying more money. How many of us depend on our tax returns to make ends meet?

    3. Since African Americans buy more will we still be paying more?

    4. Will they at least make the space traders promise not to eat us?
     
  6. river

    river Watch Her Flow MEMBER

    Country:
    United States
    Joined:
    Mar 22, 2004
    Messages:
    6,458
    Likes Received:
    1,282
    Gender:
    Female
    Occupation:
    Author
    Location:
    Where the Niger meets the Nile
    Ratings:
    +1,290
    Question 5.

    What abaout recurring payments like mortgage, rent, car notes, loan repaymentinsurance, etc? Will we have to pay1% each time?
     
  7. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

    Country:
    United States
    Joined:
    Mar 21, 2001
    Messages:
    69,983
    Likes Received:
    3,978
    Gender:
    Male
    Occupation:
    BUSINESS owner
    Location:
    Da~WINDY*CITY //CHICAGO
    Ratings:
    +4,178
    Good questions sister River
     
  8. Light

    Light Well-Known Member MEMBER

    Joined:
    Sep 26, 2008
    Messages:
    370
    Likes Received:
    128
    Ratings:
    +128
    I am glad that people post information that I have not had the time to read.

    Thank you...


    Another question would be how this would affect the people of Nevada.


    Also this goes to show that when the people become knowledgeable, things start changing.

    That is the real war.... they did not hide whipz, gunz, chainz... they hid one thing......


    Intelligence.......


    Open your mind.....
     
  9. Light

    Light Well-Known Member MEMBER

    Joined:
    Sep 26, 2008
    Messages:
    370
    Likes Received:
    128
    Ratings:
    +128



    I see the squeeze ... we most likely will pay VAT to federal governement... and income tax to the state. The federalist will be in each state getting their money while state will be imposing itz own lawz.

    Itz like the Marijuana lawz in killer Cali... basically the states says yes and the Federalihood sayz no... And the people are the crash dummies....
     
  10. Ankhur

    Ankhur Well-Known Member MEMBER

    Joined:
    Oct 4, 2009
    Messages:
    14,710
    Likes Received:
    3,006
    Gender:
    Male
    Occupation:
    owner of various real estate concerns
    Location:
    Brooklyn
    Ratings:
    +3,014
    http://video.google.com/videoplay?docid=-515319560256183936#
    the money masters (basically audio)

    The Federal Reserve and the International Bankers that own the majority of shares,
    look forward to national debt,
    hope national debt increases,
    and gain power, from the debt of this corporate state,
    just as they have profited from the debt of European states
    for 400 years,
    the debt of 3rd world nations during the period established by economic hitmen, called neocolonization,
    and the debt created by wars.
     
Loading...