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WASHINGTON, D.C. – Rep. Earl L. “Buddy” Carter (R-GA) today introduced H.R. 25, the Fair Tax Act, to replace the current tax code with a national consumption tax known as the Fair Tax.Joining Rep. Carter as original cosponsors are Reps. Andrew Clyde (R-GA), Jeff Duncan (R-SC), Kat Cammack (R-FL), Scott Perry (R-PA), Bob Good (R-VA), Thomas Massie (R-KY), Ralph Norman (R-SC), Bill Posey (R-FL), Gary Palmer (R-AL), Jim Banks (R-IN), and Barry Loudermilk (R-GA).
Congressman Carter’s bill is 132 pages and found here.
Imagine –>TITLE I—REPEAL OF THE IN2 COME TAX, PAYROLL TAXES, 3 AND ESTATE AND GIFT TAXES
Imagine –>11 ‘‘CHAPTER 3—FAMILY CONSUMPTION 12 ALLOWANCE ‘‘Sec. 301. Family consumption allowance. ‘‘Sec. 302. Qualified family. ‘‘Sec. 303. Monthly poverty level. ‘‘Sec. 304. Rebate mechanism. ‘‘Sec. 305. Change in family circumstances. 13 ‘‘SEC. 301. FAMILY CONSUMPTION ALLOWANCE. 14 ‘‘Each qualified family shall be eligible to receive a 15 sales tax rebate each month. The sales tax rebate shall 16 be in an amount equal to the product of— 17 ‘‘(1) the rate of tax imposed by section 101, 18 and 19 ‘‘(2) the monthly poverty level.
There is certainly more in the draft of the bill sho check it out….let the discussions begin.
Congressman Carter’s bill suggests a 25% consumption tax while other previously suggested proposals are at 17%. Note that here.
Maybe with all the artificial intelligence chatter, AI can figure out what is the best option to replace the IRS tax code.
— Bill Pascrell, Jr. 🇺🇸🇺🇦 (@BillPascrell) April 16, 2023
Even former President Obama in his speech at the DNC declared that same thing….millions of jobs created. Ehhhh not so much. When Joe Biden was in fact running for a second term, he often declared he created more jobs than any other president in history. What about Kamala….did she ever question the numbers as she has an under graduate degree in political science and economics. Nah…so the truth is the numbers are a fraud, a lie. Add this lie, a big lie to the many others we have been told and as such, likely more lies to come.
The U.S. added 818,000 fewer jobs than previously reported from the spring of 2023 to the spring of 2024, indicating the labor market began to cool off earlier and faster than it appeared at the time.
The government’s revised estimate of employment growth showed the economy gained about 2.1 million jobs from April 2023 to March 2024. Originally the increase in employment during that span was put at 2.9 million.
The updated employment figures mean the economy created an average of 173,000 jobs a month during the period in question instead of 242,000 under the old estimates.
The lower number of new job created gives further impetus for the Federal Reserve to cut interest rates in September as widely expected. The central bank is required under the law to keep inflation low and employment high.
With inflation gradually slowing toward the Fed’s 2% target, the bank has put greater weight on the health of the labor market in considering when to reduce high U.S. interest rates.
The Fed jacked up a key short-term rate to a 23-year peak in 2022 and 2023 to quell the highest inflation in 40 years.
The U.S. economy added far fewer jobs in 2023 and early 2024 than previously reported, a sign that cracks in the labor market are more severe — and began forming earlier — than initially believed.
On Wednesday, the Labor Department said that monthly payroll figures overstated job growth by roughly 818,000 in the 12 months that ended in March. That suggests employers added about 174,000 jobs per month during that period, down from the previously reported pace of about 242,000 jobs — a downward revision of about 28 percent.
The revisions, which are preliminary, are part of an annual process in which monthly estimates, based on surveys, are reconciled with more accurate but less timely records from state unemployment offices. The new figures, once finalized, will be incorporated into official government employment statistics early next year.
The updated numbers are the latest sign of vulnerability in the job market, which until recently had appeared rock solid despite months of high interest rates and economists’ warnings of an impending recession. More recent data, which wasn’t affected by the revisions, suggest job growth slowed further in the spring and summer, and the unemployment rate, though still relatively low at 4.3 percent, has been gradually rising.
So, President Biden meets with Chinese President Xi for four hours and they discuss re-opening joint military communications Then the matter of chemicals for the production of fentanyl came up and Xi said he would work to ‘curb’ the trafficking that eventually comes into the United States via Mexico drug cartels. Of course climate change was part of the topics and a little about artificial intelligence. Note, there was nothing about espionage at the new base in Cuba, the Covid lab leak, the spy balloon or intellectual property theft.
Then there was a reception and dinner at the cost of $40,000 per person hosted by two organizations:U.S.-China Business Council and the National Committee on U.S.-China Relations. Wall streeters, Pfizer, Blackock, Apple, Boeing, FedEx, Visa and MasterCard and Commerce Secretary Gina Raimondo, U.S. ambassador to China, Nicholas Burns, and Kurt Campbell, a top White House China advisor. San Francisco Mayor London Breed also had a spot at a table. Elon Musk of Tesla only attended the reception.
So, what about killing us?
The Select Committee of the Chinese Communist Party completed a terrifying first part of an investigation on a nefarious bio-lab….here goes.
The committee chaired by Congressman Gallagher unveiled our bipartisan report on the Illegal Biolab in Reedley, CA run by a wanted PRC national with previous ties to the Chinese government.
BREAKING: Last night, Chairman @RepGallagher, alongside @SpeakerMcCarthy & @RepJimCosta unveiled our bipartisan report on the Illegal Biolab in Reedley, CA run by a wanted PRC national with previous ties to the Chinese government.
— Select Committee on the Chinese Communist Party (@committeeonccp) November 16, 2023
Remember that President Biden says that China is not an adversary but rather a competitor. Furthermore, we need to ask some harder questions of the CDC as you noted in that video those officials could not have cared less. What is worse is the FBI never bothered to investigate and then there is blame in the lap of DHS for allowing these illegal Chinese operative to even enter the country. source
Ebola? HIV? Covid? And what else? Where are the other labs? The lab owner Jai Bei Zhu, who is going by the name David He. Zhu was/is part of the Chinese Communist Party’s “Military-Civil Fusion” program, and received millions in suspicious dollars from China while stealing American bio-technology, selling unlicensed pregnancy and COVID tests, and squirreling away thousands of vials of deadly pathogens.
President Xi should be thrown out of the country never to return. A travel ban on China should be levied. The United States should declare any loans or Federal debts to China is paid in full. Then there is the matter of Governor Newsom….yeesh don’t even know where to start on that one. But, we cannot leave out Wall Street or business leaders.
Shocking…that our government not only cannot protect us but worse refuses to protect us. Take that into consideration when it comes time to vote at every level.
It is obvious that foreign policy decisions on Ukraine and financial support were and still are due to quid pro quo. (Now what did Barack Obama know and when did he know it….)
Begin here with a big hat tip to Congressman Comer:
The crazy part of all this is the National Archives has know this and never reported it to the Oversight Committee, to the Department of Justice or to the FBI….
In a dramatic shift in the Biden family corruption probe, House investigators on Thursday demanded full access at the National Archives to Joe Biden’s communications as vice president with his son Hunter and his business partners.
The demand came after the House Oversight Committee unearthed an email showing a White House staffer communicated plans for a phone call with Ukraine’s president to Joe Biden on a private email account in 2016 and copied Hunter Biden, an unusual backdoor for a sensitive conversation with a foreign leader.
“The Committee’s need for these Vice-Presidential records is specific and well- documented,” Chairman James Comer wrote Colleen Shogam the head of the the National Archives and Record Administration. “The Committee seeks to craft legislative solutions aimed at deficiencies it has identified in the current legal framework regarding ethics laws and disclosure of financial interests related to the immediate family members of Vice Presidents and Presidents— deficiencies that may place American national security and interests at risk.”
The email in question was quietly released in January as part of the Obama presidential archives. In it, a White House staffer writes Joe Biden on a personal pseudonym email account named Robert L. Peters. about a planned call with then Ukrainian President Petro Poroshenko. The staffer copied Hunter Biden’s email address at Rosemont Senaca Partners.
At the time, Hunter Biden served on the board of a Ukrainian gas company called Burisma Holdings that was deemed to be corrupt by the Obama-Biden State Department.
“Boss–8:45am prep for 9am phone call with Pres Poroshenko. Then we’re off to Rhode Island for infrastructure event and then Wilmington for UDel commencement,” the staffer wrote the then-Vice President. “Nate will have your draft remarks delivered later tonight or with your press clips in the morning.”
The Archives released a handful of other emails, some redacted, with other private communications. Comer said he needed the fully unredacted emails, making what is known as a “special access” request to the National Archives.
“The Committee seeks unrestricted special access/ … These records have been redacted for public release pursuant to the PRA and FOIA. For example, an email bearing the subject “Friday Schedule Card,” is withheld in part under a “P6” and “b(6)” restrictions, denoting personal information regarding the subject under the PRA and FOIA respectively.” Comer wrote.
“Attached to this email, and made available on the NARA website, is a document that indicates at 9:00 a.m. on May 27, 2016, Vice President Biden took a call with the president of Ukraine, Petro Poroshenko,” he added/ “It is concerning to the Committee, however, that this document was sent to “Robert L. Peters”—a pseudonym the Committee has identified as then Vice- President Biden. Additionally, the Committee questions why the then-Vice President’s son, Hunter Biden—and only Hunter Biden—was copied on this email to then-Vice President Biden.”
The letter requested special access to specific documents, including any:
“Document or communication in which a pseudonym for Vice President Joe Biden was included either as a sender, recipient, copied or was included in the contents of the document or communication, including but not limited to Robert Peters, Robin Ware, and JRB Ware;
“Document or communication in which Hunter Biden, Eric Schwerin, or Devon Archer was included either as a sender, recipient, copied, or was included in the contents of the document or communication; and
“Rrafts from November 1, 2015 to December 9, 2015 of then-Vice President Biden’s speech delivered to the Ukrainian Rada on December 9, 2015.”
***
Related reading:
NR: The committee recently released bank records that revealed Biden family and its business associates received millions of dollars from oligarchs in Russia, Kazakhstan, and Ukraine while Joe Biden was vice president.
The committee says it has identified more than $20 million in payments from foreign sources to the Biden family and their business associates. Those foreign sources include not only the three aforementioned countries, but also China and Romania as well.
There are countless payment platforms known as digital wallets (apps) now. PayPal, QuickBooks, Wise, Venmo, Zelle, Stripe, ApplePay, GooglePay, Xoom are just a few. Included should also be online sales apps like Marketplace by Facebook and OfferUp. Digital money is moved there also. All digital transactions get reported…..leading up to $600.00, in fact $600.00 has nothing to do with the whole matter..
Perhaps it is a good time to quit using them and going to the old fashion cash method which would put cashiers in a panic….
Why go to cash? Well, after the Senate passed the Inflation Reduction Act of 2022 and it was revealed that the IRS would be more than double it’s size…perhaps they need all those people to investigate all transactions leading up to that pesky $600.00.
A proposal from the Biden Administration that would require banks to monitor personal accounts and report all financial transactions over $600 to the IRS is under fire.
On Tuesday, Treasury Secretary Janet Yellen defended the proposal on CNBC’s “Squawk Box,” calling the collection of financial information “routine” after some in the banking community criticized it as an unprecedented invasion of privacy.
“It’s just a few pieces of information about individual bank accounts,” the secretary said.
‘A Massive Search Without a Search Warrant’
Others disagree with Yellen’s description of the Treasury Department’s proposal, however.
Last month, economist Peter Jacobsen noted the change would give the IRS an “unprecedented look into the finances of many Americans.”
“Even the powerful political will behind the 2002 ‘Patriot Act’ only led to requirements that banks report suspicious transactions of $5,000 or more,” Jacobsen observed.
More recently, a former Kansas City Fed president argued the policy was a dangerous trap that was being laid for the middle class.
“It’s a massive search without a search warrant,” said Thomas Hoenig, who served as president of the Kansas City Fed from 1991 to 2011. “It will be the middle class and the upper middle class who will be caught in this.”
Hoenig also pointed out that, in contrast to wealthier Americans, most in the middle class do not have lawyers and accountants they can rely on to help them navigate matters with the IRS.
“In the collection of the data, there will be false positives,” Hoenig said. “That means individuals will be approached by the government about what they’re doing and they will have to spend additional funds to defend themselves. It’s a really bad idea.”
Hoenig also said the regulation would “cost billions,” since banks will have to collect the data and present it in a usable format for the IRS.
‘We Are Owed’
The Treasury Department regulation is being proposed as the Biden Administration seeks to whip up enough votes to push through a $3.5 trillion reconciliation spending bill. The legislation, Americans are told, will be financed through taxes on “the rich.”
The great economist Ludwig von Mises, however, once warned that individuals should be wary of collectivist policies in sheep’s clothing.
“The masses favor socialism because they trust the socialist propaganda of the intellectuals,” Mises observed. “The intellectuals, not the populace, are molding public opinion.”
One of the great lies that has been perpetuated for decades is that the welfare state can be financed if only the rich would pay “their fair share.” This message, unsurprisingly, polls quite well; but a brief look at history shows that there are limits to what the rich can shoulder in taxes—the welfare states of Europe are financed heavily by middle-class taxes—and the rich in the US already pay an astonishing percentage of the federal tax burden.
Yellen understands this, which is why the Treasury Department’s policy is designed to raise revenue by enforcing greater tax compliance—from everyone.
“There’s an enormous tax gap in the US estimated at $7 trillion over the next 10 years in terms of a shortfall of tax collections to what we believe we are owed,” says Yellen.
Yellen’s last words—what “we are owed”—are telling. They show that when it comes to bureaucrats getting property they see as theirs, something as abstract as “privacy” will not stand in their way.
Defenders of the Treasury Department policy say the IRS would be monitoring annual cash flows, not individual transactions, so that makes the policy okay.
“A simple way for the IRS to get a sense of where that might be is just a few pieces of information about individuals’ bank accounts,” Yellen said. “Nothing at the transaction level that would violate privacy; simply aggregate inflows into the account over the year and aggregate outflows. And that would really help the IRS target their auditing resources, which we have proposed to greatly expand.”
As Mises’ quote implies, government officials are often guilty of saying one thing and doing another. But in this case, Yellen is being refreshingly candid in what the Treasury Department is after.
The government wants to monitor the inflows and outflows of (private) individual bank accounts so the IRS can do more audits with “greatly expanded” resources to allow the federal government to collect trillions of dollars they are “owed.”
Take Yellen at her word—but don’t believe for a minute these audits will only fall on “the rich.”
