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National I.D. card/multipass could reduce deficit

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posted on Apr, 29 2010 @ 05:53 AM
So is this hyperbole, sarcasm or truth?

Stores lose 2% of their profit on CC sales in order to accomodate the convenience of accepting credit cards. Stores pay taxes to municipalities, states and the federal government based on the full sales price of the good(s) sold, which includes the 2% they have to pay to the CC company.

CC isuing entities earn 2% off every purchase and that is considered income and thus also taxable by the state where the CC company operates and the federal government.

Take that 2% away from the CC companies and fed income drops. Give it to the fed through your FedCard and the states which receive income from the CC companies now have to tax the Fed, which they can't do. So state sales tax rates rise and the cost to the consumers rise, which affects CC users and cash users alike.

Still a failing plan.

posted on Apr, 29 2010 @ 06:15 AM
reply to post by abecedarian

This is interesting stuff. Yes, the store loses 2%, but they pay based on the full amount.

The store sells something for $1.00 and charges 5% tax. They get $1.05 from the customer. The store is really just collecting the tax for the local government so the 5 cents is not theirs. I think the store actually loses 2% of the total transaction so they lose 2.1 cents to the CC network/issuer.

The CC network/issuer is making a profit so they pay a small amount of tax. The entire 2% is not going to be pure profit. It is revenue for them. Whatever profit is left after operating expenses will be taxed. It is going to be a fraction of a fraction at that point.

If Obama would just boss up and take that 2% directly he would be increasing the Government's income way beyond the tax revenue coming from business profit. Companies always use a lot of strategies to minimize tax anyway. This ultra plan gets the 2% in full, immediately. Of course the Government is now running the network/issue of the cards so they have an expense in that operation, but still the amount of money is going to be greater than the amount coming from business tax.

posted on Apr, 29 2010 @ 06:23 AM
Plus the Government will be eliminating the banksters card issuance and will be able to control the amount of money inflation by directly controlling the amount of credit extended instead of allowing the banksters to do it. At least have better statistics if the Government is directly issuing credit. When the banksters are extending insane credit to the public, the Government is at the mercy of the banksters. I think if the Government had direct account and control of credit then they could do a better job of controlling inflation which is what allows us to expand our money supply infinitely. We want inflation, but the control of inflation is what allows us to inflate. If we expanded too quickly other countries might take notice and lose faith. That is why we move slowly so as not to scare them. Like sneaking up on somebody. You can move slowly and they won't notice as easily.

I would actually like Obama if he implemented The 2% Ultra Skim Plan.

posted on Apr, 29 2010 @ 06:30 AM
Who do you think own and operates the all the world "governments".

Read my location.

[edit on 29-4-2010 by ofhumandescent]

posted on Apr, 29 2010 @ 06:35 AM
The Federal Government and the ''Federal'' Reserve tag team game is something different than the individual banks' issuance of credit cards and the charging of 2% to transact on their network.

What the CC companies do is act like a third party parasite. It would be like going to the grocery store, paying cash to a guy standing between you and the clerk, having that third party keep 2 cents and hand off 98 cents to the clerk at the register. The CC companies have cleverly inserted themselves in between us and the merchants. It is like labor unions, health insurance companies and tape worms. They are taking a piece of the action and doing nothing but convincing us that they are somehow needed in the transaction. They are not. They are parasites.

It is actually Unconstitutional to have a third party regulating the value of the People's money as provided by the Government for the People's use in the People's transactions. We need money to make the machine go. We gave the Government the right to regulate the money supply. We like this. It is good for us. The credit card issuers are not necessary and actually cause problems for us and take away a HUGE chunk of our money for nothing.

posted on Apr, 29 2010 @ 06:47 AM
Another way to look at it....

The CC network has regulated the value of the money down from $1.00 to 98 cents from the perspective of the merchant. On the other hand, with cash $1 is $1.

The cash and coin is THE payment system as created by the Government.

The CC network is a 3rd party payment system, a parasitic middleman that regulates the value of the currency and directly damages the merchant.

The Government needs to take back control of the payment system. Immediately! They could roll this whole thing up inside the national i.d. card. Don't you get it? The value of the Dollar would skyrocket. We would be a superpower with a suppercurrency. Multipass is the gateway drug to total world domination with no outside banking interest. The U.S. Dollar would become the de facto world currency.

I believe this is why the Leftists hate the immigration issue and seek to confuse the people and obfuscate the real issue. The Left would be seriously against a U.S. multipass because they realize that it would be the beginning of the end of their third party payment systems.

[edit on 29-4-2010 by Cabaret Voltaire]

posted on Apr, 29 2010 @ 06:59 AM
Instead of having a national ID card can we have a biochip implanted in our hand and do transactions that way. Same principle but with a biochip?
LOL this will have all the christians freaking out and running to mexico.
I am all for it lets do it.

posted on Apr, 29 2010 @ 07:37 AM
And I see you haven't addressed the "interest rate" credit card users are charged for the convenience of spending money they don't have, a.k.a. a loan and how the FedCard would affect that.

posted on Apr, 29 2010 @ 07:53 AM
How would giving the Federal Government more money reduce their spending? Honestly if you give them more money they will spend more money thus changing nothing, they will find ways to squander the new-found windfall from such a tax. To right the sinking ship we don't need more taxes we need smarter spending of what tax money they collect already. The more taxation lumped on the people the less money they have to spend on goods and services thus less money stimulating the economy.

I don't know about you OP but I don't like the government gaining more control over my life, they already have more than enough as it stands now. They don't need the keys to my bank account, nor to stick some low-jacked national ID card into my wallet, I've already got my selective service card, SSN card, Drivers License and CCW.

What we need to do is dump the concept of credit completely, kick this moronic fractional reserve system to the cub and get rid of the fiat currency bs we currently employ; if we did those three things alone it would do wonders for the economy and the country in general but we all know it wont be happening anytime soon.

posted on Apr, 29 2010 @ 10:43 AM
Yes, I see your point OP. This would almost eliminate the national debt, but, it takes our privacy at the same time. Do you really want Government to track your every transaction? Is that really in the best interest of liberty? I think that higher taxes on alcohol and legalizing drugs would be a much more rational solution. I don't use drugs, but legalizing them would make it muxh easier to control them and pinpoint who is a threat and who only uses them for personal gain, with no threat to those around them. I never understood why it is a crime to harm ones self anyway.
This new health bill is a total threat to our freedoms. I believe that when it is my time to die, then so be it. It is my right to choose to see a doctor or not. It is my right to choose the care I may decide to receive. I don't like the idea that if and when I choose not to join this "national healthcare bill" (starting in 2014) that I wiil be fined as if I comitted a crime. I also don't like the fact that our tax money is paying for it before it even goes into effect. Obama care is created by a man who isn't even a doctor, or on the other hand ever has to worry about healthcare ever in his or his family life again.
Just saying.

posted on Apr, 29 2010 @ 10:47 AM
reply to post by Cabaret Voltaire

The problem with this is that the government of America as we now see is trying to bring us to an all time low. Obama wants us just as Kenya is...a third world country. Read between his lines and hear what he says! It is sooooooo obvious.

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