How’s that title grab ya kids? Yes, ladies and gentlemen; that is an actual quote from Howard Dean himself sending a welcoming message to the Party of European Socialists at their congress in December, 2009. According to Howie, the American progressives and EU progressives have been working together for a long time. (My sincerest apologies for missing this a year ago.)
Any more doubts that the Democrats have become the American Progressive Socialist Party, or the future that the Democrats want where we have to follow the rules laid down by unelected officials on the other side of the world?
The cooperation between our parties has intensified significantly in the past two and a half years with regular contact at congress, senate, party and foundation levels. Efforts have been remarkable from both sides. The attendance of President Clinton and myself at the Global Progressive Forum World Conference in Brussels in 2009, I think is eloquent and proves this point very well. Many common initiatives have been launched. There’s been consistent work on the issue of the financial crisis, private equity and hedge funds with strong coordination between EU and US progressives. – Howard Dean, address to PES Congress, December 2009.
Global Progressive Forum World Conference, April, 2009:
I am delighted to be here today because you are here to grapple with a problem that progressives in every country have been facing, really for, twenty years at least; since the fall of the Berlin wall. Which is, how do we support a more integrated world where borders are coming down and still preserve a sense of social justice and fairness within each nation, within each community? – Bill Clinton
To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.
(b) Purposes- The purpose of section 3 of this Act is to establish a fee on most transactions. Such fee–
(1) is different than a sales tax in that a sales tax is charged only on sales to the final consumer and the transaction fee would apply to intermediate users as well as end users,
(2) is different than a value added tax (VAT), commonly used in European and other countries, in that a VAT is imposed only on a portion of a transaction’s value (roughly the difference between an item’s selling price and it’s cost) and the transaction fee would apply to the entire amount of the transaction, and
(3) is intended to raise sufficient revenue to eliminate the national debt, which was $10.6 trillion in January 2009, during a period of 7 years and to phase out the income tax on individuals.
‘CHAPTER 37–TRANSACTION FEE
‘Sec. 4501. Imposition of transaction fee.
‘SEC. 4501. IMPOSITION OF TRANSACTION FEE.
‘(a) In General- There is hereby imposed on every specified transaction a fee in an amount equal to 1 percent of the amount of such transaction.
‘(b) Specified Transaction- For purposes of this chapter–
‘(1) IN GENERAL- The term ‘specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.
‘(2) TRANSACTION- The term ‘transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.
‘(c) Liability for Fee- Persons become liable for the fee at the moment the person exercises control over a piece of property or service, regardless of the payment method.
‘(d) Collection- The fees will be collected by the seller or financial institution servicing the transaction and shall be paid over to the Secretary. In the case of a person who fails to collect and pay over the fee as required under this subsection, such person shall become liable for the fee not so collected and paid over.
‘(e) Potential Exclusions- Subsection (a) shall not apply to transactions involving stock (and any options or derivatives with respect to stock) until–
‘(1) such time as the United States enters into an international agreement that regulates domestic and international stock exchanges, or
‘(2) the Secretary issues recommendations regarding the application of the fee as it applies to stock.
‘(f) Regulations- The Secretary shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including regulations or other guidance which require reporting of such information as the Secretary determines appropriate to prevent under reporting of the amounts on which a fee is imposed by this section.’.
(b) Clerical Amendment- The table of chapters for the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36 the following new item:
‘Chapter 37. Transaction Fee.’.
(c) Effective Date- The amendments made by this section shall apply to transactions in calendar years beginning after the date of the enactment of this Act.
SEC. 4. INCOME TAX CREDIT DURING PERIOD THAT TRANSACTION FEE AND INDIVIDUAL INCOME TAX ARE IN EFFECT.
(a) In General- Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 25D the following new section:
‘SEC. 25E. CREDIT DURING PERIOD OF TRANSACTION FEE AND INDIVIDUAL INCOME TAX.
‘(a) In General- In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 1 percent of the taxpayer’s adjusted gross income.
‘(b) Phaseout Based on Adjusted Gross Income- The credit allowed under subsection (a) for any taxable year shall be reduced (but not below zero) by an amount which bears the same ratio to the amount of such credit (determined without regard to this subsection) as–
‘(1) the excess (if any) of the taxpayer’s adjusted gross income for such taxable year over $100,000 ($250,000 in the case of a joint return), bears to
‘(2) $10,000 ($20,000 in the case of a joint return).’.
(b) Clerical Amendment- The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25D the following new item:
‘Sec. 25E. Credit during period of transaction fee and individual income tax.’.
(c) Effective Date- The amendments made by this section shall apply to taxable years beginning during calendar years beginning after the date of the enactment of this Act.
Does anybody really think the elites in the District of Criminals are going to do this?
SEC. 6. REPEAL OF INCOME TAX ON INDIVIDUALS.
(a) In General- Chapter 1 of the Internal Revenue Code of 1986 is amended by striking the following provisions:
(1) Part I of subchapter A.
(2) Subpart A of part IV of subchapter A.
(3) Sections 31, 32, 35, 36, and 36A.
(b) Repeal of Alternative Minimum Tax for Individuals- Section 55 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
‘(f) Exemption for Noncorporate Taxpayers- The tentative minimum tax for any taxpayer other than a corporation shall be zero.’.
(c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2017.
None of what you have just read or watched directly applies to the true culprit in the financial dysfunction we are facing; The Federal Reserve creating and deflating bubbles from tech to housing to currency. HR 4646 does not address the trillions in interest we pay on fiat currency that the Fed prints whenever the economy is in danger of collapsing after one of their created bubbles pops.
How’s that title grab ya kids? Yes, ladies and gentlemen; that is an actual quote from Howard Dean himself sending a welcoming message to the Party of European Socialists at their congress in December, 2009. According to Howie, the American progressives and EU progressives have been working together for a long time. (My sincerest apologies for missing this a year ago.)
