Subject: Rep. Fattah's Transform America Financial Transaction Tax Comment: Pennsylvania Rep. Chakka Fattah's Transform America financial transaction tax is essentially the same idea advanced by University of Wisconsin's noted economist Edgar L. Feige and many other leading economists, and should be carefully considered by your Committee. Dr. Feige's proposal, called the Automatic Payment Transaction Tax (APTT), and Rep. Fattah's plan are both endorsed by the Howard Beale Memorial Society, which proposes that the new tax be introduced by expanding the present tax on stock market transactions imposed by the SEC because this would add significant present revenues and afford an opportunity to study the tax in action. The Howard Beal Memorial Society endorses fundamental changes in the tax structure by incremental changes to avoid disruption of the revenue stream. We also propose that the proceeds of the new tax be lockboxed and dedicated to specific goals, such as the liquidation of the National Debt and Saving of Social Security. By reducing the costs of servicing such massive debt, revenues will be freed for more general application. Marie Pangloss, Editor, Hew Horizons in Politics. |