1% Tax Coming to a Bank Near You?

I got this in an e-mail originally. And though I realize there was a thread done on this last september, I thought it worth revisiting and expounding upon. Not that I think most people need any more convincing that we have a government full of grifters, thieves, gangsters, and freeloaders. But this piece of proposed legislation would definitely add to their looong list of infractions. That is, if it were to pass. Which is unlikely. And if everything that is being said in this e-mail were true. And not all of it is.

First. Here's the e-mail I received:

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?

Since they were claiming snopes.com as their source of validation. I went there, and this is part of what snopes quoted, and had to say about it:





You can read the rest at the link above. And I suggest doing so. It clarifies this whole issue rather than muddying it like the e-mail does. Although it would not surprise me to see our government sneak this, or something like it, in somewhere, this e-mail is not helping people understand this proposal. And the author of the e-mail quoted from snopes what he wanted people to see, knowing that most wouldn't go read it for themselves. But now, ATS has (hopefully) read it for themselves, and has denied a small bit of ignorance concerning HR4646.

Anyone else who has info on this, or can correct any errors in the OP, are more than welcome to do so with my appreciation.

Bottom line. I receive e-mails similar to this from politically active aquaintances regularly. And it always surprises me they don't do at least a little checking before they forward them.

reply to post by Klassified


Ummm...hoax....and one of the worst kind. Truth distorted by mis-truths.

www.snopes.com...


Plus...you say it is HR...meaning HOUSE Resolution...meaning it would be coming from the House of Representatives...which is controlled by REPUBLICANS.

Yeah...not very well thought out to continue to use this AFTER Republicans have taken over the house. That's why this hoax started before that...and continues on...because people don't care or don't comprehend what they are reading.

Great Thread !! Thank you. I just wanted to add to the mix .. B of A charges Six Dollars to cash a check that is drawn on B of A themselves. If you are given a check drawn on B of A and you don't have an account with them. They charge the Six Bucks to cash their own check!!

Thx again..

reply to post by OutKast Searcher


But I thought all random emails that are sent to us are true?

Well this part pretty much clears up any possibility of this ever coming to light.

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.

LOOTERS

It was re-introduced as H.R. 1125 in March of 2011.

HR 1125 IH

112th CONGRESS

1st Session

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

Source

Hoax or not.
Keep in mind most folks live paycheck to paycheck. Meaning if you earn a take home pay of $40,000 per year you spend approx the same amount. sooooo this is not a 1% tax but a 2% tax since you are being taxed on what you put in and taxed on what you take out.

They gotcha comming and going.

I stopped using banks over a year ago. A 1% tax may freak people out but umm... banks pretty much are already robbing us.

You want to use an ATM to get your money? Fee
You want to put less than x dollars in your account? Fee
You want more checks to access your money? Fee
You went over on your debit card and we let you? Massive Fee

Etc etc etc.

Banks used to be grateful to get peoples business. After all you were putting your hard earned money into their bank. Now it seems that you give them your money and they immediately act as if it is theirs and your just borrowing it.