My Banker’s Tax takes tax when money is taken out of the Bank Savings to be spent. 3/16/18
There are several advantages to this system. It is anonymous. It does not care who you are, what you are, what your income is, what you are buying, or why you want it. It will increase Savings. Tax is always a barrier to the flow of money so that money piles up behind it. That location, in this case, is the Saving Account. People will be encouraged to leave money in the Bank. The second advantage to this is that Savings accounts pay interest. This interest will eventually equal the tax that will be taken, so the Bank takes the tax, and also, they give the depositor the money to pay the tax. Thus I call it the Bankers Tax.
Banker’s Tax has another benefit. It has a very low percentage tax rate, because it is ‘double counted’. Every t***saction is taxed. The same product is taxed several times as it travels through the distribution chain. This is true for Imports and local consumption, but Exports leave us tax free. That is because foreigners don’t use US bank accounts that charge US taxes. They pay for what they are buying out of their foreign bank accounts. When we buy something as an Import, we pay from a US bank account so the importer pays tax, then the distributor/wholesaler pay tax, the retailer pays tax and then the customer pays again. This allows a low rate, 5%. With tax on markup and multiple t***sactions the tax take should be close to 30% of the original manufacturer’s cost of the product.
It also offers another benefit. If it is required, to pay tax on barter, and Cash and Gold can be considered as having multiple t***sactions before they return to a bank, then we can charge several layers of tax, 20%. And, the final customer can avoid several layers of tax, and markup associated with distribution, by buying direct from the producer. This will stimulate local production. This is a national defense issue, because when there is a disruption to the distribution system, the local producers will cover the short fall. Add to that the increase in savings, and we will be considerably more durable and resilient.
President Trump outlined the weakness of Income Tax when compared to Value Added Tax. He said that our products are taxed 15% going into Mexico, while their products come into the US at no cost. That is the effect of VAT tax compared to our Income Tax system. This needs to be fixed. I don’t know what the numbers are now, but years ago we lost $200 Billion in Europe, and another $300 Billion in China. Then there is the rest of the world. We are bleeding badly. We subsidize Europe. We have been being swindled for seventy years. Please fix this problem.
Thank you for your time.
Sincerely, Richard Mondale
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Richard Mondale wrote:
My Banker’s Tax takes tax when money is taken out of the Bank Savings to be spent. 3/16/18
There are several advantages to this system. It is anonymous. It does not care who you are, what you are, what your income is, what you are buying, or why you want it. It will increase Savings. Tax is always a barrier to the flow of money so that money piles up behind it. That location, in this case, is the Saving Account. People will be encouraged to leave money in the Bank. The second advantage to this is that Savings accounts pay interest. This interest will eventually equal the tax that will be taken, so the Bank takes the tax, and also, they give the depositor the money to pay the tax. Thus I call it the Bankers Tax.
Banker’s Tax has another benefit. It has a very low percentage tax rate, because it is ‘double counted’. Every t***saction is taxed. The same product is taxed several times as it travels through the distribution chain. This is true for Imports and local consumption, but Exports leave us tax free. That is because foreigners don’t use US bank accounts that charge US taxes. They pay for what they are buying out of their foreign bank accounts. When we buy something as an Import, we pay from a US bank account so the importer pays tax, then the distributor/wholesaler pay tax, the retailer pays tax and then the customer pays again. This allows a low rate, 5%. With tax on markup and multiple t***sactions the tax take should be close to 30% of the original manufacturer’s cost of the product.
It also offers another benefit. If it is required, to pay tax on barter, and Cash and Gold can be considered as having multiple t***sactions before they return to a bank, then we can charge several layers of tax, 20%. And, the final customer can avoid several layers of tax, and markup associated with distribution, by buying direct from the producer. This will stimulate local production. This is a national defense issue, because when there is a disruption to the distribution system, the local producers will cover the short fall. Add to that the increase in savings, and we will be considerably more durable and resilient.
President Trump outlined the weakness of Income Tax when compared to Value Added Tax. He said that our products are taxed 15% going into Mexico, while their products come into the US at no cost. That is the effect of VAT tax compared to our Income Tax system. This needs to be fixed. I don’t know what the numbers are now, but years ago we lost $200 Billion in Europe, and another $300 Billion in China. Then there is the rest of the world. We are bleeding badly. We subsidize Europe. We have been being swindled for seventy years. Please fix this problem.
Thank you for your time.
Sincerely, Richard Mondale
My Banker’s Tax takes tax when money is taken out ... (
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the vat is really the only fair tax,but you have to limit the amount the govt can tax.they have to be controlled by an amendment to the constitution.
Best Idea I ever heard was a 15% federal sales tax on every purchase; gas, groceries,autos, houses, yachts, jets, manufacturing equip, you get the point everything ... corporations will pay, small businesses will pay, churches will pay, rich people will pay, criminals will pay (for anything they purchase with ill gotten gains) and regular citizens will pay ... everybody pays no exception, except maybe those people who have an income below a certain limit !!!!!!
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