Eliminating the Income Tax Draws Opposition -- What Else do They Want?

Apparently there is some internet swirl around a bill introduced last
February by a PA democrat calling for a 1% tax on financial
transactions, along with abolition of the federal income tax.
Interesting that even a crackpot Democrat who wants to get rid of
income taxes can attract the ire of the opposition. But I felt the
misinformation should be called out.

To the Editor, Greenwich Time
October 19, 2010

John Corrado, in his letter, “Spending is the Problem” urges
opposition to a bill in the House, H.R. 4646, that proposes a 1% tax
on all financial transactions. Mr. Corrado goes on to blame the
Democrat who introduced the bill, Representative Chaka Fattah (D-PA),
of “looking for ways to introduce new taxes on the already heavily
taxed people.”

The problem with Mr. Corrado’s assessment is that it completely
misrepresents the facts. According to the Congressional Research
Service (part of the Library of Congress), the bill offers an
offsetting tax credit for couples earning up to $250,000. More
notably, the bill calls for phasing out the individual income tax, and
is aimed at eliminating the national debt within seven years. Whether
or not the bill has any merit, claiming that Fattah favors “tax and
spend” is ludicrous.

Implying that Fattah’s bill represents a real threat misleads
further. The Congressman has introduced similar legislation for the
past six years, which each time has died without a vote. While Mr.
Corrado reports that the bill is “in committee”, it has not attracted
any co-sponsors nor made any progress in the legislative process.

This is simply another in a sustained effort by those opposed to
Democrats to inject misinformation into the political process as a
primary strategy for advancing their agenda. Caveat emptor.

Here's the letter, published at Greenwich Time online on 10/18/10
(http://www.greenwichtime.com/default/article/Business-versus-
executive-experience-711951.php)

"Spending is the problem"

To the editor:

It seems the tax and spend folks in D.C. just don't get it. Americans,
by a large majority, are fed up with the out-of-touch elected elite
class that populates our government. These officials are still looking
for ways to introduce new taxes on the already heavily taxed people.

I urge everyone to check out H.R. 4646, a bill now in committee and
due out after the November elections, that would impose a new 1
percent tax on all monetary transactions.
Included are ATM transactions, deposits and withdrawals by any means,
and checks written, to name a few. The sponsor is a Democrat.

The country's government does not have a revenue problem. It has a
spending problem. Let's throw out the bums who would continue to bleed
us dry by means such as H.R. 4646. Write your representatives and vote
out the institutionally incompetent who won't listen to the people.

John Corrado
Norwalk