Budget and taxes
Our current tax system is unfair, inefficient, and so complex that it is opaque virtually every taxpayer. The United Amendment establishes a single, simple, low tax rate without exemptions or deductions -- none. Every dollar a person recieves is taxed a very low rate; so low that most people don't believe it when they hear it. The rate is just 1/2 percent!
How can we fund the government on just 1/2 percent? It turns out that if every single tax loophole is closed -- all of them -- a rate of under one percent brings in the same revenue that the Treasury receives today. There are about
{
|-Transactions in the United States
|-(USD billions, total for the year)
|-| |1899|1899|1899|1899|1899 |-Transactions per type of payment instrument(1) |-Credit transfers|19,808.9|21,169.6|21,169.6|23,065.4|25,033.2 |-paper-based|nap|nap|nap|nap|nap |-non-paper-based (ACH)(2)|19,808.9|21,169.6|21,169.6|23,065.4|25,033.2 |-Direct debits (ACH)3,14,440.0|14,768.7|14,641.3|15,336.4|16,034.1 |-Card payments4|3,287.8|3,490.6|3,385.9|3,695.8|4,097.1 |-payments by cards with a debit function5|1,182.9|1,342.2|1,447.3|1,648.8|1,846.8 |-payments by cards with a delayed debit function|nav|nav|nav|nav|nav |-payments by cards with a credit function6|2,104.9|2,148.5|1,938.6|2,047.0|2,250.3 |-of which: payments by retailer cards with a credit function|194.8,206.1,177.2,174.9,200.0 |-E-money payment transactions7|nav|nav|nav|nav|nav |-by cards with an e-money function |-through other e-money storages |-Cheques8|37,438.0|34,272.0|31,599.4|28,955.4|26,469.1 |-Other payment instruments |-Memo: |-ATM transactions|nav|nav|nav|nav|nav |-of which: ATM cash withdrawals(9)|nav|nav|646.7|nav|nav } Notes: 1 Includes payments by banks for their own account. 2 Includes an estimate of the value of on-us payments. A study conducted by the Federal Reserve estimated that the value of on-us ACH credit payments was USD 1,385 billion in 2003, USD 2,543 billion in 2006 and USD 4,231 billion in 2009. Other figures are derived from these estimates. 3 Includes an estimate of the value of on-us payments. A study conducted by the Federal Reserve estimated that the value of on-us ACH debit payments was USD 2,027 billion in 2003, USD 2,046 billion in 2006 and USD 2,990 in 2009. Other figures are derived from these estimates. 4 Payments made in the United States using cards issued inside and outside the United States. 5 Excludes cash back. Studies conducted by the Federal Reserve estimated that the value of debit card payments was USD 600 billion in 2003, USD 1,000 billion in 2006 and USD 1,400 billion in 2009. The figures in the table differ from the Federal Reserve estimates, but are provided to allow a consistent time series. 6 Excludes cash advances. Total of Visa, MasterCard, Discover, American Express, Diners Club and retailer cards. Studies conducted by the Federal Reserve estimated that the value of credit card payments was USD 1,700 billion in 2003, USD 2,100 billion in 2006 and USD 1,900 billion in 2009. The figures in the table differ from the Federal Reserve estimates, but are provided to allow a consistent time series. 7 E-money products have not been widely adopted in the United States. In this reporting period, e-money transaction terminals, volume and value are negligible relative to other card instruments. 8 Annualised value of paid cheques including commercial cheques, US Treasury cheques and postal money orders. Studies conducted by the Federal Reserve estimated the value of paid cheques in 1995, 2000, 2003, 2006 and 2009. Other figures are derived from those estimates. 9 A study conducted by the Federal Reserve estimated the value of on-us ATM withdrawals, meaning they involved only one depository institution, amounted to approximately 62%, 65% and 68% of the value of ATM cash withdrawals in 2003, 2006 and 2009, respectively. Sources: Federal Reserve; The Nilson Report (HSN Consultants Inc, Oxnard, CA); NACHA.
