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View Diary: updated:The Horror! EU proposes introducing Financial Transactions Taxes! (101 comments)

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  •  Personally I believe we should be just taxing (2+ / 0-)
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    NY brit expat, DRo

    financial transactions instead of income. If we taxed only the transfer of money instead of taxing people our taxes would be paid paid automatically and progressively generating sufficient revenues to cover the entire cost of government along with paying down our debt. We could replace all state and local sales taxes, state and federal income taxes including capital gains, corporate taxes and FICA payroll taxes with just around a 1% inclusive tax on every financial transaction done at any financial institution including all retail, capital and commodity market final transactions when profits are posted to an account reducing the actual amount posted to another's account by 1% and having the financial institution remit the funds to local government authority which would then distribute the funds appropriately.  
    It might be even a better idea to leave FICA out of the overhaul and keep the FICA tax very similar to how it operates now and lower the universal financial tax to .6% instead. The teapublican'ts have shown their unabashed hatred of Social Security and Medicare/Medicaid and should not be trusted to allow these programs to continue if they were paid from general government revenues. By the way this is not my idea there is a whole "Tax Money, Not People movement.  

    Really don't mind if you sit this one out. My words but a whisper -- your deafness a SHOUT. I may make you feel but I can't make you think..Jethro Tull

    by RMForbes on Wed Sep 28, 2011 at 01:06:20 PM PDT

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