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Dummy Version: Generates $4 trillion a year without borrowing and allowing the elimination of ALL other taxes beginning with personal income taxes. Allows for the recapitalization of our labor pool, our domestic infrastructure, and our Department of Defense (450-ship Navy, long-haul Air Force, air-liftable Army, Marines back on the boats).
Formal Description and References Below the Line
The Automated Payment Transaction (APT) Tax allows for the elimination of all existing taxes — particularly income taxes — while dramatically increasing the revenue available to government. It offers fairness, simplicity, and efficiency while eliminating the corruption attendant to a complex tax code used to extort money from special interests seeking to buy loopholes and other forms of exemption. As a tax on ALL transactions, at the point of payment, the APT Tax is tiny, relieving families, small business, and corporations of the heavy burden of carrying the federal government on their backs. Depending on where the rate is set, the APT Tax can generate 3, 4, or 5 trillion dollars a year beginning immediately upon its implementation. This means that the US Government would not have to borrow money and could afford to both rebuild the national security enterprise, as well as the domestic infrastructure enterprise.
Congress would lose the ability to extort money from special interests through its manipulation of the tax code and regulatory measures. Therefore we recommend that the Executive actively sponsor a doubling of Member salaries, provided they also eschew the origination of any regulations and stick to an oversight role.
From We the People Reform Coalition:
A Tax Revolution – Replace All Taxes On Few with One Tiny Tax on All Transactions Including Stock and Currency Trades
….1 21st Century Governance Revenue (Plain English)
….2 21st Century Governance Revenue (Business-Speak)
….3 21st Century Governance Revenue (Economist-Speak)
….4 Dr. Edgar Feige, Professor of Economics
….5 References on Government Revenue and Economy
….6 Discussion of the APT Tax
B National Security Fundamentals
C Protecting Social Security & MEDICARE
D Ron Paul’s Plan to Restore America
E Ron Paul’s Austerity Plan Deconstructed by Historian Webster Tarpley
F Paul Craig Roberts Criticizes Ron Paul Campaign Failure on Social Security and Medicare
G Obvious Needed Cuts
Phi Beta Iota: The other half of the solution — but completely separate — is the Chicago Plan Revisited as now being considered by the International Monetary Fund (MF). All the talk about tax hikes and spending cuts is myopic. We do not have a fiscal cliff, we have an integrity chasm — an inability to think authentically and holistically.