13 Nov 2010

The Debt-Free America Act (HR 4646)

Following up yesterday's post about attempts to introduce a 1% flat rate Financial Transaction Tax in the US, I had a look to see what were the chances of the proposition being passed there. If you type HR 4646 in Google, there are a huge number of hits. Quite a lot of them concern very right wing conservative's who are totally opposed to any new taxes (even if they have the potential of eliminating existing ones). One of my favorites is this one where you can read:

"Let's say hypothetically that you are involved with 10-20 "transactions" daily. Then instead of paying a 1% tax you have now just paid a 10-20% tax. do you see how easily this can snowball?"

Clearly, there is a lot of explaining to be done....

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