This bill, known as the"Debt Free America Act", is a bill designed to tax you one percent for every bank transaction.
This bill has nothing to do with wiping out America's debt. Instead, it adds yet another tax that American taxpayers will have to endure along with federal income tax, social security tax, Medicare-Medicaid tax, property tax, sales tax and all the other taxes we must pay.
The one percent rate seems small and innocuous and is designed to make us think it's not that big of a deal. But we know how democrats are. Once a tax is implemented, it never goes away, rarely reduced and always increased.
How will it work? You deposit you paycheck into your account. Let's say it's $1000 after income taxes are already withheld. The IRS gets $10. Leaving you with $990. If you transfer any amount into a savings account, they get 1% of that. Every time you buy groceries, pay rent or mortgage, pay the utility bills… every transaction gets taxed 1%. Then, Lord help us if/when they raise that rate. Hardworking American families are struggling as it is. Now they want to take more of your resources from you so they can pay down a national debt that they created.
Before Congress has the audacity to ask us for more money, they need to cut their pay and perks and stop the earmark spending.
The DogWalksMan blog appears on Wordpress, Blogger and Twitter. This is a conservative-oriented commentary blog. I welcome comments from both sides of the political aisle.
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