Analysis: Quite misleading. It's true (as of this writing) that there's a bill in the House of Representatives, the Debt Free America Act (H.R. 1125), which would impose a one percent tax on certain financial transactions if passed, and it's also true that the bill was introduced by a Democrat, Rep. Chaka Fattah of Pennsylvania (who introduced more or less the same legislation in 2010 as H.R. 4646).
However, the legislation has zero co-sponsors, nor has it ever been acknowledged, let alone endorsed or supported, by anyone in the Obama administration.
Moreover, contrary to what is repeatedly claimed in the email, under the proposed legislation personal bank deposits would not be subject to subject to the tax. Section 4501(b)(2) of the current version of the bill reads as follows:
EXCEPTIONS- The term ‘specified transaction’ shall not include--
(A) any transfer between accounts of the taxpayer, and
(B) any deposit into a personal account of an individual.
Like all previous iterations of the Debt Free America Act, the 2011 version isn't expected to be voted on, let alone passed by Congress.
I hope you are right and that this bill is just a wet dream in Obama-Pelosi-Reid-Fatah’s minds.
But it also means we must be ever vigilant in not getting complacent, and let the liberals control WH+Senate+House, ever! They are capable of imposing all kinds of taxes.
Once a tax/fee/assessment/etc becomes law it can be easily changed into something more expensive. Also remember that modern Congresses have repeatedly proven that they are not held to any agreements/promises/laws enacted by previous Congresses. In fact, the last three years have repeatedly proven that Congress and the President don't have to obey the Constitution.
IMHO it is best to immediately and vocally oppose any such hidden tax/fee/assessment than to believe that future Congress-critters/presidents will not change/ignore them.
BL - We are no longer a Nation of laws; like it or not.