I have written on this question before. See "Exegeting Acts 2: 38" (here).
I believe that in English we would best translate by using a parenthesis:
"You all repent (and be baptized each one of you in the name of Jesus Christ) for the remission of your sins."
This is exactly what Acts 3:19 teaches (only Peter there omits the parenthesis). Said Peter: “Repent ye therefore, and be converted, that your sins may be blotted out.”
Says one author (Charles Baker - here):
"Notice that in this verse Peter says nothing about water baptism. If water baptism is essential for the forgiveness of sins, why does Peter say nothing of this in Acts 3:19? If water baptism is essential for forgiveness of sins, why does Peter say nothing of this in Acts 10:43 (“To him give all the prophets witness, that through his name whosoever believeth in him shall receive remission (forgiveness) of sins”)? If water baptism is an essential part of the preaching of salvation, then why does Luke 24:46-47 mention repentance and the remission (forgiveness) of sins but say nothing about water baptism?"
He then enumerates the strengths behind the parenthetical view of the words "and each of you be baptized," saying: "The strengths of this view are as follows:
1) it is theologically sound and avoids the error of making water baptism a condition for forgiveness;
2) it harmonizes with the other passages which speak about repentance and the forgiveness of sins;
3) it understands the preposition eis in its most natural meaning (though other meanings are possible);
4) it agrees with the parallel passage of Acts 3:19;
5) it best suits the context of Acts 2:38 where Peter is offering forgiveness to Christ-rejecting Jews. Peter was not speaking "with reference to" or "because of" or "on the basis of" a forgiveness which they did not yet have!
6) it employs a figure of speech (chiasmus) that was not uncommon or unusual to the Semitic mind, though in English it may seem somewhat awkward."
He then cites from another author, writing:
"Stanley D. Toussaint (The Book of Acts in The Bible Knowledge Commentary, p. 359) gives several reasons why the parenthetical view is the correct view:
"Several factors support this interpretation: (a) The verb makes a distinction between singular and plural verbs and nouns. The verb "repent" is plural ["repent ye"] and so is the pronoun "your" in the clause, "so that your sins may be forgiven" (lit., "unto the remission of your sins," (eis aphesin ton hamartion humon). Therefore the verb "repent" must go with the purpose of forgiveness of sins. On the other hand the imperative "be baptized" is singular, setting it off from the rest of the sentence. (b) This concept fits with Peter's proclamation in Acts 10:43 in which the same expression "sins may be forgiven" (aphesis harmartion) occurs. There it is granted on the basis of faith alone. (c) In Luke 24:47 and Acts 5:31 the same writer, Luke, indicates that repentance results in remission of sins."
All of you vote (and each one of you signify it by placing an "I voted" sticker on your vest) for your chosen candidate.
Voting is essential but not placing the sticker.
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