The progressive Democrats have finally found a way to eliminate the national debt. H.R. 4646 doesn’t address out-of-control spending, nor does it raise anyone’s taxes. Yippee!
Dubbed the “Debt Free America Act”, the Democrat-sponsored scheme imposes a simple “transaction fee” on “any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. The term `transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.” Those words quoted are taken directly from the bill’s language. And, since fees are not taxes, President Obama didn’t lie to us, now did he?
So, if you put money into the bank, deduct a measly 1 percent. If you take money out, well…you better take out a little extra, because the progressives will grab another 1 percent. Buy something? Add a little ol’ 1 percent.
The bill “is intended to raise sufficient revenue to eliminate the national debt, which was $10.6 trillion in January 2009…” again, words taken directly from the bill. However, since that time, the debt has risen to an astronomical $13.6 trillion, equating to a debt of $122,318 for every American taxpayer. Change you can believe in, for sure!
Oh, but don’t worry. President Obama’s Task Force won’t take any action earlier than November 3rd, by virtue of the convenient language contained in the bill, even though this clever scheme was introduced February 23rd of this year.
So, after President Obama ran up the debt and formed the Task Force, this is what they’ve come up with. And, they were the one’s we were waiting for? I could have waited indefinitely for these robber barons to take control, but I can’t wait to throw the bums out.
