Posted on 09/10/2010 6:40:23 AM PDT by SouthernBoyupNorth
Forgive me if this is previously posted.... I just can't believe they are going to try this crap.
I checked this out and it is true. There will be a 1% transaction tax on any financial transaction with the exception of purchase and sale of stock. If we make a $500 ATM withdrawal, we will pay $5 tax, and $300 on a $30,000 car purchase.
I checked this out on Truth or Fiction and it is true. The bill is HR-4646 introduced by US Rep Peter deFazio D-Oregon and US Senator Tom Harkin D-Iowa. It is now in committee and will probably not be brought out until after the Nov. elections.Suggest that you pass this along and also to your state senator and representative and US Congressman and Senators.
One percent transaction tax is proposed 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 transactions at any financial institution i. e. Banks, Credit Unions, etc.. 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.
Some will say aw it's just 1%... remember once the tax is there they can raise it at will.
http://www.standard.net/node/44797
"Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines "transaction" to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions. Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations. Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act."
It's sponsor is not DeFazio but Chaka Fattah. And it'll never make it out of committee.
imposed on cash (and credit sales) at retailers plus EVERY financial transaction - that is a national (federal) sales tax
Imagine paying a 1% tax on the check you write to pay your property and income taxes :-(
I assume this also goes after internet sales
Expect the retail and financial industry lobbyists to come out swinging, this should not sneak into the tax code unchallenged
But making everyone aware and putting them on alert is a smart move
Better fact check that again. If Fact Check says the tax is not real, that is true at the moment. But if they say there is no such proposal, then they aren’t worth the electrons used to display the page. Go to thomas.gov and HR 4646 is in the “Weekly Top 5” list. It has a Senate counterpart.
The only real discrepancy is who is sponsoring the bill. OP says Harkin and DiFazio, when it’s actually one person.
Other than that, the OP says there is a bill promoting a 1% fee, and Factcheck confirms that.
Ok, they drive us to use cash to avoid the tax, what’s next?
WOW! I hadn’t seen this because I spend all of my time of finance committee legislation, not ways and means.
Trying to get an answer on likelihood of passage. Will post when I get an answer.
Likely answer: in normal times, it wouldn’t pass. But the Democrats just hate us and will cram anything through that screws up everything so bad that government is NEEDED to survive.
I direct deposit my check, $40 TF; I transfer funds to my wife’s account, $5 TF; I transfer money to my checking account for bill paying, $20 TF.
I’ve just pay $65 in transfer fees and I haven’t even spent a nickel....
Thanks for the corrections and feedback.... still scary that something like this would even be proposed.....
I concur. This is pure poison for the Democrats.
Then again, they did pass healthcare and the banking control act.
Well, it’s not just 1%. It is a minimum of 2%, because you pay once when it goes in and again when it goes out.
And of course, your employer paid his 1% on that money when he put it in the bank and his 1% when he took it out to pay you, so now we’re looking at a minimum of 4% on every dollar you earn.
If you’re in the 15% bracket, they just increased your Federal taxes by 26%!
I will take my pay in cash, straight from the till.
And, of course, even though I am taking my pay in a way that is difficult to trace and creates no records, I will be super diligent and report every dollar and ensure that my full Income Tax, FICA and the rest gets paid in full, every quarter, right? Because I’m an honest fellow.
A bill like this would make the underground economy explode.
National Security problems with this:
Banks are required to report large movements of money. This penalizes repeated movements of money: every time you deposit or withdraw money, you get hit with a tax. So people will reduce the number of transactions they make, making a smaller number of larger transactions... all of which will be seen by Big Brother. At the same time, Big Brother will be so overwhelmed by all these motions, He won’t detect the terrorism payoffs, the narcotic trades, etc.
Not good. Not good at all.
I don't know, people have floated the idea of a national sales tax to replace the income tax for years now. That never gets anywhere, I don't anticipate this going anywhere either.
UNBELIEVABLE !!!!! !!!!!
But, I ask you, would you have believed all the stimulus bs, and everything else that’s gone down in the last two years.
But don’t worry—it’ll never happen!
In a pig’s @$$ it won’t!
When will we wake up...
SUMMARY AS OF:
2/23/2010—Introduced.
Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax.
Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines “transaction” to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.
Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations.
Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals.
Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act.
MAJOR ACTIONS: ***NONE***
ALL ACTIONS: 2/23/2010: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.
2/23/2010: Referred to House Ways and Means
2/23/2010: Referred to House Budget
2/23/2010: Referred to House Rules
2/23/2010: Referred to House Appropriations
TITLE(S): ***NONE***
(italics indicate a title for a portion of a bill)
COSPONSOR(S): ***NONE***
COMMITTEE(S):
Committee/Subcommittee: Activity:
House Ways and Means Referral, In Committee
House Budget Referral, In Committee
House Rules Referral, In Committee
House Appropriations Referral, In Committee
IOW, from what I read, it’s DOA. (MAJOR ACTIONS: ***NONE***) And there has been ZERO movement since February 23rd, with ZERO co-sponsors.
Ya but when was the last time a tax was repealed? Seriously... if something like this ever does get passed do you honestly think Income tax will be repealed? I have my doubts.
And if you can't trust the Annenberg Public Policy Center (funded by the Tides Foundation, Open Society, and every other lefty outfit out there), who can you trust?!?
thanks for looking that up. I think we still need to keep an eye on the hacks in DC... the mere fact that one of them proposed this is upsetting
Sorry. Meant to include http://thomas.loc.gov/cgi-bin/bdquery/D?d111:1:./temp/~bdIR6w:@@@L&summ2=m&|/home/LegislativeData.php|
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