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1% tax on all bank transactions HR4646
Watch for this AFTER November elections; remember this BEFORE you VOTE in case you think Obama's looking out for your best interest.
1% tax on all bank transactions HR 4646 This government just cannot think of enough ways to hurt the American people! I sure hope this dies!!!!! FORWARD THIS TO EVERYONE YOU KNOW!
1% tax on all bank transactions HR 4646 - ANOTHER NEW OBAMA TAX SLIPPED IN WHILE WE WERE ASLEEP. Checked this on snopes, it's true! Check out HR 4646.
President Obama's finance team is recommending a one percent (1%) transaction fee (TAX). Obama's plan is to sneak it in after the November elections to keep it under the radar.
This is a 1% tax on all transactions at any financial institution - banks, credit unions, savings and loans, etc. Any deposit you make, or even a transfer within your account, will have a 1% tax charged. ~If your paycheck or your social security or whatever is direct deposit, it will get a 1% tax charged for the transaction. ~If your paycheck is $1000, then you will pay Obama $10 just for the privilege of depositing your paycheck in your bank. Even if you hand carry your paycheck or any check into your bank for a deposit, 1% tax will be charged. ~You receive a $5,000 stock dividend from your broker, Obama takes $50 just to allow you to deposit that check in the bank. ~If you take $1,000 cash to deposit at your bank, 1% tax will be charged.
Mind you, 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 about this guy's under-the-table moves to increase the number of ways you are taxed.
Oh, and by the way,if you receive a refund from the IRS next year and you have it direct deposited or you walk in to deposit that check, you guessed it. You will pay a 1% charge of that money just for putting it in your bank. Remember, any money, cash, check or whatever, no matter where it came from, you will pay a 1% fee if you put it in the bank.
Some will say, oh well, it's just 1%. Are you kidding me? It's a 1% tax increase across the board. Remember, once the tax is there, they can also raise it at will. And if anyone protests, they will just say, "oh,that's not really a tax, it's a user fee"! Think this is no big deal? Go back and look at the transactions you made from last year's banking statements. Then add the total of all those transactions and deduct 1%. Still think it's no big deal?
Like Rep. Fattah's other Congressional efforts along these lines, his Debt Free America Act has no sponsors other than himself, has been languishing in committee ever since it was introduced, and has about as much chance of passing as a snowball does of surviving hell. Thus, although e-mailed warnings about a "1% transaction tax" do reference a real piece of proposed legislation, the amount of attention those warnings have garnered vastly, vastly outstrips any real possibility that such legislation will actually be enacted. Moreover, some of the additional details contained with such e-mailed warnings are erroneous: Neither "President Obama's finance team" nor Nancy Pelosi is "recommending a 1% transaction tax." The proposal for the Debt Free America Act is purely the effort of a single congressman, with no outside support. Neither Representative Peter DeFazio of Oregon nor Senator Tom Harkin of Iowa introduced the Debt Free America Act, co-sponsored it, or has publicly supported it.
HR 1125 IH
H. R. 1125
To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.
IN THE HOUSE OF REPRESENTATIVES
March 16, 2011
Mr. FATTAH introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, Rules, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned