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OpEdNews Op Eds    H2'ed 10/26/10

Congressional Fleecing the Public Legislation

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Congressional Fleecing the Public Legislation - by Stephen Lendman

On February 23, HR 4646: Debt Free America Act was introduced "To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals."

Sponsor Representative Chaka Fattah's (D. PA) same day press release said:

The bill offers a "simple new approach to paying off the debt now escalating past" $13.6 trillion as of late October. "The breakthrough legislation proposes a 1 percent fee (on) all payment instruments including cash transactions, checks, credit cards, those processed through the Federal Reserve Bank, and those collected at the point of sale."

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"In addition, taxpayers would receive a 1 percent tax credit for gross income up to $250,000 to offset the impact of the fee," supposedly helping middle and lower-earning households. The bill will also establish a Bipartisan Task Force for Responsible Fiscal Action "to control and limit federal spending." Once the debt "is paid down...broad-based tax reform" would follow.

The bill's text says:

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

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(2) Complying takes five billion hours and about $200 billion.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.
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