Left Turn Only

I get several E-mails from friends everyday. Some are humor, some are oddities and some are current events from around the Web. Most are appreciated. Some mail is politically charged from dissatisfied voters.

I admire those who exercise their first amendment rights responsibly. The people who state facts without embellishing the truth. You are entitled to your own opinions but, not your own facts.

President Ronald Reagan quipped " Facts are stubborn little things". You know the people. The ones focused on Blue Dresses and Birth Certificates as Wars rage and Tarp money is burned in the Treasury.

It's not bad luck or oversight as the origins of this mail is consistently forwarded from the same sources.

The latest was an e-mail regarding HR 4646. The charge was that Obama in concert with Nancy Pelosi were plotting secretly to slid another tax increase past the faithful. The gist of HR 46 46 is a transaction and consumption tax on all money transfers in America. That's a lot of money from the M-1 or Money velocity. The House Bill 46 46 or Debt Free America Act is proposed by (D) Chaka Fattah from Pennsylvania.

It has no other supporters and is not endorsed by the White House, President Obama or Nancy Pelousi. After verification the E-mail was incorrect and not supported as claimed I was satisfied the author was once again full of shit.

In the past I've corrected the author of the mail and those listed as receiving the mail to offer clarity where none existed prior. This takes time and I've since just found the truth and let the person continue with their delusional behavior. They seem unfazed by the truth anyhow.

The issue of Hr 46 46 should have been forgotten at this point but it stuck in my mind and required further logic to be applied on my part. Before being cast off as crap I should at least understand how it works.

The way I understand the Bill is it would tax all transaction from stocks bonds or any money transfer in America. Part sales tax on cash but also includes credit cards and checking. The Author claims the bill will retire the $14.3 trillion debt in seven years and abolish Income Taxes forever.

Overall it stinks. There are parts that have merits. I like the idea of a transaction/transfer 1% tax on Banks and Stock Markets. The Stock Market has risen from 6600 DOW in 2009 to over 12000 in 2011. All of it courtesy of taxpayer bailouts. $800 billion of TARP and $800 billion of Stimulus was enough to restore the 2big2Fail Casino Banks and The Stock Markets. When one examines the 2Big2Fail Banks, Stock Market and Federal Reserve you discover your really talking about the same thing in different buildings. Nothing goes to the heart of the wealth in this country like Banks, Brokers, Insurance, Energy and Media Titans. They control all the money and through Oligarchy control the Government.

A tax here instead of juniors juice and soda makes a lot more sense. Every time a stock is bought or sold the buyer and seller cough up a 1% tax in addition the money in the bank and out charges 1% two more times. This is a great idea. Who better to repay the debt than those who stole the money originally. The Wall Street Computers making 30 trades a second will be shut down. Day Traders will be forced out as well. This will bring stability to Market Values hidden for decades. Retirement Investment in long term investment will be more secure. Hedge funds will disappear.

4646 doesn't go far enough though. I would add a 25% income tax on money earned on top of the 1% transfer/transaction tax. Same as the Nevada Casino . Cash in your chips and pay Uncle Sam on your way out the door. No exception. No exclusions. Capture the money before it can be hidden in tax loopholes. These profits after payments would not be taxed further by the Eternal Revenue Service.

If successful we could then abolish all Employer Based Deductions from your payroll. The employer pays the entire amounts due you for work and services. The Employee would take his check to the Bank for redemption. No bank charges for paying you your money as this is a contract between the bank and Checking Customers of the Bank. Should you chose to deposit funds in a bank then this would represent a contract between you and the Bank and subject to fees agreed by both parties. I'd rather cut a deal with Edward Teach but, that's just me.

The Employee would be required to show citizenship and fill out W-4 information at the Bank. In addition to deductions for Worker's Comp, Social Security, Unemployment Insurances and the Health Care Plan chosen by the worker. This information stays within the Bank and rolls over independent of how many employers you may have. That's it, you just paid your taxes and your obligation to the IRS and Bank is complete. No harassment and no CPA. The Bank is set up with computers and scanners that can instantly identify you as legitimate whereas you employer is not. The Employer is no longer the whipping boy for the government and not responsible for anything other than wages.

Your Social Security number is now secure at the Bank and prohibited from use in commerce and tracking the citizen.
The employer isn't forced into hiring extra employees to satisfy the governments hunger for tax collection or immigration laws. The cash flows into the US Treasury weekly not quarterly.
Congress is in bed with the Bankers anyhow, let's let'em sleep together too. This is a tax to curb the uncontroled size of government and penalizes those who profit from the misfortunes of others. Congress should pay the 1% tax and mandatory 25% flat tax as well.

The IRS would only deal with the Bankers on tax revenues. No more audits on citizen and no more Prisons Terms or April 15th Deadlines. The Bankers and the Government take care of everything. In addition this would open the door to your own Social Security that belongs to only you!

I would further suggest this system be applied to any business paid through Government Sponsored Entitlements such as Medicare Medicaid Insurance and Big Pharma
Also included would be 25% on all Media advertisements for Elections and PAC Money. Pay at the the door on your way out No exceptions. Just like a real Casino.

Employers don't pay you anyhow the bank does. Let them take care of taxes and leave the private sector to build a stronger GDP.

Private sector Corporations would be entitled to the same unfair loopholes and deductions as before. They can keep thier subsidies as long as they keep their hands off government money and create real jobs and real GDP for America.