Rep. Chaka Fattah (D, Pennsylvania) has proposed a way for the country to get out of debt. He says that for every transaction that is made in the country, there should be a 1% tax that will go directly to paying down the country's debt. So if you go to Subway and buy yourself a $5-sandwich, you will pay an extra five cents, which will go straight to paying down the country's credit card. This sounds like a good idea to me, if the details are well worked out by those financial wonks from MIT and the like.
The Congressman also says that this would do away with federal income taxes because managing this tax is far too expensive and does not yield the same amount of revenue as the 1% tax would. If the numbers are worked out and this works out fine maybe the country should try it. It surely beats the plan proposed by Rep. Paul Ryan (R-Wisconsin) who proposes to cut the defiicit by cutting back on Medicare.
No comments:
Post a Comment