One percent transaction tax is proposed

One percent transaction tax is proposed
(UNEDITED)President Obama's finance team is recommending a transaction tax. His plan is
to sneak it in after the November election to keep it under the radar. This is a 1% tax on all transaction at any financial institution i. e. Banks, Credit Unions, extra. Any deposit you make, or move around within your account, i. e. transfer to, will have a 1% tax charged. If your pay check or your social Security or whatever is direct deposit, 1% tax charged. If you hand carry a check in to deposit, 1% tax charged, If you take cash in to deposit, 1% tax charged.This is from the man who promised that if you make under $250,000 per year, you will not see one penny of new tax.
Keep your eyes and ears open, you will be amazed at what you learn.
Lee Hoecherl
www.standard.net...

Why haven’t I heard a rose garden announcement on this great plan to tax more of my already taxed money?;
After the dust settles it will increase to 2% then 3% 4%....
If Government wants to cut spending, raise more money and become honest with the citizen; they should eliminate the IRS and have just a consumption or flat tax.

So it's going to be like another income tax. Nice.

Oh, but it's only 1%. On top of what you're already taxed.

I imagine every time you pay a CC bill or a mortgage you get taxed too?

Every week I get DD and a transfer of some of the funds to different accounts.

So that's 1% and 1% and !% and 1% etc... every single week.

Biweekly pay is going to seen as a tax shelter.

As if I wasnt angry enough.

reply to post by Surfrat


So the only way to avoid most of this tax is to use your bank as little as possible and to cash all checks in person at the bank of the issuer.

I'm glad I didn't vote for him, those that did, you get what you voted for.
Typical America crap.

I'm sure this will result in a lot more full mattresses and a lot more empty banks.

This week, the letter went viral on the Web. While that helps our hits on the site, given another opportunity, I would think again about it. It’s a little bit true, but too much is speculation. According to Snopes, (which we checked when the letter arrived), there is a proposal for a 1 percent financial transaction tax at banks, etc., but it’s a bill from Rep. Chaka Fattah, D-Penn. His Debt Free America Act has NO SPONSORS other than Fattah and is going absolutely NOWHERE in Congress. Also, Fattah’s bill, HR4646, provides a 1 percent credit against taxes for those earning under $125,000 a year and allows the feds to exempt many others. Nevertheless, this letter is now on many blogs, including: DavidIcke.com, Conservative Marine, Godlike Productions, Grizzy Gary, Wecogitate, TruthisContagious, discardedlies, 2coolfishing, Bearcat Banter, AOL Message Boards and MyRightWingDad.

blogs.standard.net...

Not much else I can add. This was not proposed by Obama's financial team.

One of these days, I'm going to save all of my receipts and record everything I purchase for and pay for in a month, including paying bills, and see just how much of my money actually doesn't go to taxes, state, federal and other misc fees.

The idiots here in my state actually voted FOR a 1.5% state sales tax increase in November 2008.

State sales taxes, Land and home Property taxes, Income taxes, Excise taxes, Utility taxes, surcharges....I'm sure there's some I've missed. Ugh, when does it end?

They can take 100% of everyone's income and nothing would be solved.

reply to post by Surfrat


If true, this will send more people to my way of thinking.

Cash, cash, cash.

Oh, we have part of the health care bill requiring 1099 forms for anything over $600. Oh, what to do, what to do, what to do?

Oh yeah, cash, cash, cash.

How many pages was the financial reform bill?

How many sneaky things were snuck into that? Oh yeah, we will find some doozies in there as well. I would not be surprized to find a VAT in there.

Yep, more taxes are on the horizon. If you actually believed the Obama campaign promises, should I list them for you?

Jesus, imagine creaming %1 off the top of all bank transactions.

Then again, like we're finding out in the UK, if you want to tackle your deficit then harsh measure are called for.

But this seems a bit excessive. If there was a guarantee that it would go straight to the deficit then it would be acceptable but I doubt it.

All the best, Kiwi

Congress has become inefective.
Vote out all incumbants.
If that fails...

1776 2.0

This ugly proposal has got to the most lazy, economically incentive way of raising tax.

Instead…
Why not tax borrowing, instead of raising interest rates? Otherwise rates are going to have to rise anyway in order to keep inflation under control.

The only loser for this approach would be (the private incomes) of the central banks, but for the real economy things would continue as if borrowing rates had been raised.

After all it’s hardly as if a transaction tax won’t effect central banks too (unless someone is planning a legislative loop hole for them) (which could easily be the case!)

reply to post by Surfrat


Er, I would remove all funds from my bank effective as soon as the policy went into effect.. this proposal would be defeated by the banks simply because to many people like me would say F U Government and move to cash transactions without corporate banking (which effectively does nothing for us but convenience.)

Originally posted by arcana_imperii
I'm glad I didn't vote for him, those that did, you get what you voted for.
Typical America crap.

People should know that no matter who is president, there will be some sort of BS. That's how it works. If history is any indication, McCain would have had something equally barbaric. So that really isn't helpful or fair. And no, I didn't vote for anyone, guess I'm protected and get to blame all of you

[edit on 7-9-2010 by ghaleon12]

I am on the verge of hoping 2012 comes true;