Department of Commerce

Add one cent onto all transactions to pay off nations's debt

Whether we like it or not, the national debt is the accumulation of the citizens as a whole. We vote the citizens in that pass laws and bills on both the national and state level. We request/demand that the programs that are currently in place are there to help others and ourselves. Therefore, the debt is our own. One way to take ownership of the debt as a nation is to add one cent onto every transaction nationwide to pay off the national debt. Once it is paid off, lift the one cent tax. This would be a general transaction tax, not seggregated to only one type of transactio nor another. There were 21.7 billion credit card transactions in the US in 2006 (just to give you an idea), and that number is sure to be much higher now. One penny attached to each in 2006 would have been 217 million dollars. Of course this is not enough to pay off the debt, but over a couple of years it would. The interest accumulated on the debt would be lower each year, and this would definatley effect our standing in the world, the stock market, etc. A balanced budget is necessary to prolong the elimination of a debt, obviously, but we need to come up with solutions on how to help our own elected government fix it, instead of just being angry about it. It is, after all, your nation's debt. The same can be said and applied to state debt.



Idea No. 15452