Meeting Minutes
Torch Club of the Fox Valley
16 March 2023
Virtual Meeting
Notes taken by: Sue Bennett, Secretary
ATTENDEESs: Sue Bennett, David Debbink, Marcia Debbink, Paul Freiberg, Walt Hedges, William Kelly, Barb Kelly, Jan Mirenda Smith, Scott Vaiitchka, Bert Wiegand.
Guest: Sofia Wilson
BUSINESS MEETING: Was called to order by President Paul at 5:50 p.m.
MINUTESs: Minutes of the February Meeting were approved as published.
TREASURER’S REPORT: February treasurer’s report was approved as reported with an adjusted balance of $2,036.72 after disbursements of $50.00 to IATC for dues, $50.00 to IATC for pins, $18.00 for new membership name tag and $263.00 to Touchmark for meals and receipts of $263.00 for meals and $70.00 dues.
BUSINESS: Paul announced the nominees for new officers: Bill Kelly for President, Bert Wiegand for Vice President, Barb Kelly for Treasurer and Sue Bennett for Secretary. No other nominations were made from the floor. All officers confirmed their willingness to accept the positions. It was moved by David and Seconded by Scott to accept the slate of nominees. Paul thanked the nominating committee.
Bert asked Barb to explain the new technology that Touchmark will be providing. Barb said that Touchmark will have a TV that we will be able to connect to a laptop for our presentations and for Zoom meetings. We will know more at our next in person meeting.
Paul reported that the officers met to discuss new membership. It was agreed that the best way to bring in members is by member referral, as members would already know the prospective members. Paul put out a challenge to the membership to reach out to friends who they think would be good potential Torch members. Paul will be mailing Torch brochures to club members for this purpose and Barb said that there is also a local club brochure on our website with regard to bringing in new members. It needs a few corrections, but is still basically correct. Link to it is on the left side nav bar of each page.
Business meeting was adjourned at 6:15 p.m.
Presentation by: David Debbink, “An Alternative Tax System”
Thank you David for your very thought provoking presentation with regard to the current tax system in the United States, current and historical data, and alternative options.
Historically the tax rates were higher for those with higher income compared to today’s rates. Additionally, there are many hidden costs involved with the current tax system.Several taxing options include the flat tax, which would be a burden on those with lower income. Another option is the value added tax, which is complicated and has never been implemented successfully.
David then explained “the elegant alternative” of an automated payment transaction tax or APT tax. This tax would replace income tax and a nominal tax would be automatically charged with each monetary transaction, including investment transactions. This option would create the smallest possible tax on the largest possible base, thus providing a greater amount of revenue.
David's presentation handouts can be found here.