Budget and taxes

Our current tax system is unfair, inefficient, and so complex that it is opaque to virtually every taxpayer. The United Amendment establishes a single, simple, low tax rate without exemptions or deductions -- none. Every dollar a person receives is taxed at 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 entire 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 as much revenue as the Treasury receives today. There are about

Transactions in the U.S.

Using payment systems
(USD billions, total for the year)
	2007	2008	2009	2010	2011
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 payments(4)	3,287.8	3,490.6	3,385.9	3,695.8	4,097.1
payments by cards with a debit function(5)	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 function(6)	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 transactions(7)	nav	nav	nav	nav	nav
by cards with an e-money function
through other e-money storages
Cheques(8)	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
	98,266.1	98,567.2	96,175.4	97,989.1	100,964.0
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.
Payments processed by selected interbank funds transfer systems: value of transactions
(USD billions, total for the year)
	2007	2008	2009	2010	2011
Large-value payment systems(1)
CHIPS(2)	485,624.1	508,758.7	364,355.1	365,096.3	403,349.0
Fedwire(3)	670,665.6	754,974.6	631,127.1	608,325.9	663,837.6
Cheque clearings(4)
Private clearing houses and direct exchanges(5)	10,741.1	7,431.7	6,548.1	7,106.2	6,425.0
Federal Reserve	15,129.9	15,558.4	14,094.3	11,381.9	10,163.8
Automated clearing houses (ACH)
Private(6)	13,753.9	13,541.3	13,197.1	14,051.6	15,664.5
Debit transfers	5,363.9	5,078.9	4,696.9	4,895.6	5,328.6
Credit transfers	8,390.1	8,462.4	8,500.2	9,156.0	10,335.9
Federal Reserve(7)	15,064.5	16,424.4	16,432.8	17,688.8	18,242.7
Debit transfers	6,686.6	7,125.4	7,277.7	7,632.1	7,769.6
Credit transfers	8,377.9	9,298.9	9,155.1	10,056.7	10,473.1
Memo
On-us cheques(4)	11,567.1	11,281.9	10,957.0	10,467.3	9,880.3
On-us ACH(6), 8	5,430.5	5,972.6	6,180.9	6,661.5	7,160.1
Debit transfers	2,389.5	2,564.4	2,666.6	2,808.7	2,936.0
Credit transfers	3,041.0	3,408.3	3,514.3	3,852.8	4,224.2
1 Number of originations. 2 CHIPS, the Clearing House Interbank Payments System, is owned by The Clearing House. 3 Fedwire is operated by the Federal Reserve. 4 Studies conducted by the Federal Reserve estimated the value of cheques paid in 2000, 2003, 2006 and 2009. The value of on-us cheques for those years was also estimated. Total paid cheques = Federal Reserve + private clearing houses and direct exchanges + on-us. Figures for other years are derived from those estimates. 5 Calculated as total cheque value less value of Federal Reserve cheque clearing and value of on-us cheques. 6 Value originated using private ACH operators. Includes transfers sent by private ACH to the Federal Reserve for transmission to the receiving depository institution. In 2007 through 2011, these transfers amounted to USD 3,278.6, 3,327.5, 3,354.3, 3,751.8 and 4,200.1 billion. 7 Value originated on FedACH. Includes transfers sent by the Federal Reserve to private ACH for transmission to the receiving depository institution. In 2007 through 2011, these transfers amounted to USD 1,785.0, 2,151.9, 2,179.5, 2,430.3 and 3,205.1 billion. 8 A study conducted by the Federal Reserve estimated that the value of on-us ACH payments (processed by only one depository institution) was USD 3,413 billion in 2003, USD 4,632 billion in 2006 and USD 7,222 billion in 2009. Figures for other years are derived from those estimates. Sources: Clearing House Interbank Payments System; Federal Reserve; NACHA.
Value of executed trades
(USD billions, total for the year)
	2007	2008	2009	2010	2011
New York Stock Exchange(1)
Total value of executed securities trades	29,908.970	28,080.290	17,562.460	17,852.940	18,094.660
debt securities(2)	0.090	nav	nav	nav	nav
short-term paper	nav	nav	nav	nav	nav
bonds	nav	nav	nav	nav	nav
equity	29,908.880	28,080.290	17,562.460	17,852.940	18,094.660
other	nav	nav	nav	nav	nav
Total value of executed derivatives trades	nav	nav	nav	nav	nav
financial futures
financial options
other financial derivatives
commodity futures
commodity options
other commodity derivatives
Nasdaq
Total value of executed securities trades(3)	15,318.565	15,245.343	10,730.220	13,098.885	14,300.464
debt securities	nap	nap	nap	nap	nap
short-term paper
bonds
equity	nav	nav	nav	nav	nav
other	nav	nav	nav	nav	nav
Total value of executed derivatives trades	nav	nav	nav	nav	nav
financial futures
financial options
other financial derivatives
commodity futures
commodity options
other commodity derivatives
American Stock Exchange(1)
Total value of executed securities trades	nav	nav	nav	nav	nav
debt securities
short-term paper
bonds
equity
other
Total value of executed derivatives trades	nav	nav	nav	nav	nav
financial futures
financial options
other financial derivatives
commodity futures
commodity options
other commodity derivatives
1 In October 2008, NYSE Euronext acquired the American Stock Exchange. Since that time, figures for American Stock Exchange (NYSE AMEX) equity trades are included with other NYSE figures. 2 Par (face) value of bonds traded. 3 Values for previous years reflect revisions reported by the Nasdaq Stock Market, Inc. Sources: NYSE Euronext; The Nasdaq Stock Market, Inc.
Value of contracts and transactions cleared
(USD billions, total for the year)
	2007	2008	2009	2010	2011
National Securities Clearing Corporation(1, 2)
Total value of contracts and transactions cleared	283,200	315,100	209,690	217,450	220,790
Value of securities transactions cleared	nav	nav	nav	nav	nav
debt securities
short-term paper
bonds
equity
other
Value of exchange-traded derivatives contracts cleared
financial futures
financial options
other financial derivatives
commodity futures
commodity options
other commodity derivatives
Value of OTC derivatives contracts cleared
financial futures
financial options
other financial derivatives
commodity futures
commodity options
other commodity derivatives
Value of repurchase transactions cleared
debt securities
short-term paper
bonds
equity
other
Fixed Income Clearing Corporation(1)
Total value of contracts and transactions cleared	1,101,000	1,125,800	999,900	1,205,900	1,126,998
Value of securities transactions cleared
debt securities
short-term paper
bonds
equity
other
Value of exchange-traded derivatives contracts cleared
financial futures
financial options
other financial derivatives
commodity futures
commodity options
other commodity derivatives
Value of OTC derivatives contracts cleared
financial futures
financial options
other financial derivatives
commodity futures
commodity options
other commodity derivatives
Value of repurchase transactions cleared
debt securities
short-term paper
bonds
equity
other
a) Government Securities Division(3)
Total value of contracts and transactions cleared	1,006,100	1,014,500	905,100	1,101,700	1,126,900
Value of securities transactions cleared
debt securities
short-term paper
bonds
equity
other
Value of exchange-traded derivatives contracts cleared
financial futures
financial options
other financial derivatives
commodity futures
commodity options
other commodity derivatives
Value of OTC derivatives contracts cleared
financial futures
financial options
other financial derivatives
commodity futures
commodity options
other commodity derivatives
Value of repurchase transactions cleared
debt securities
short-term paper
bonds
equity
other
b) Mortgage-Backed Securities Division
Total value of contracts and transactions cleared	94,900	111,300	94,800	104,200	97,700
Value of securities transactions cleared
debt securities
short-term paper
bonds
equity
other
Value of exchange-traded derivatives contracts cleared
financial futures
financial options
other financial derivatives
commodity futures
commodity options
other commodity derivatives
Value of OTC derivatives contracts cleared
financial futures
financial options
other financial derivatives
commodity futures
commodity options
other commodity derivatives
Value of repurchase transactions cleared
debt securities
short-term paper
bonds
equity
other
1 Subsidiary of DTCC. 2 Includes equities, corporate and municipal debt, American Depository Receipts, exchange-traded funds, unit investment trusts, mutual funds, insurance products and other securities. 3 Includes Treasury bills, bonds, notes, zero coupon securities, government agency securities and inflation-indexed securities. Source: Depository Trust & Clearing Corporation.
Value of delivery instructions processed by CSD's
(USD billions, total for the year)
	2007	2008	2009	2010	2011
Depository Trust Company
Total value of delivery instructions	210,000	182,000	122,000	117,500	124,700
DVP
debt securities
short-term paper
bonds
equity
other
free of payment
debt securities
short-term paper
bonds
equity
other
Federal Reserve1
Total value of delivery instructions	435,578	419,347	295,742	320,124	291,824
DVP
debt securities
short-term paper
bonds
equity
other
free of payment
debt securities
short-term paper
bonds
equity
other
1 US Treasury and agency securities transfers processed through the Federal Reserve’s Fedwire Securities Service. Data exclude reversals (ie securities sent in error and returned to sender). Sources: Depository Trust & Clearing Corporation; Federal Reserve.