Posted on 08/31/2011 3:10:53 PM PDT by IbJensen
Watch for this AFTER November elections; remember this BEFORE you VOTE ... in case you think Obama'slooking 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!This Bill must die FORWARD THIS TO EVERYONE YOU KNOW!!
NEW OBAMA TAX SLIPPED IN WHILE WE WERE ASLEEP. Checked this on snopes, it's true! Check out HR 4646. (see below copied from Snopes)
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, 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???
1. snopes.com: Debt Free America Act Is the U.S. government proposing a 1% tax on debit card usage and/or banking transactions? ....It is true. The bill is HR-4646 introduced by US Rep Peter deFazio D-Oregon and US Senator Tom Harkin D-Iowa. Their plan is to sneak it in after the... ....moved beyond proposing studies and submitted the Debt Free America Act (H.R. 4646) , a bill calling for the implementation of a scheme to pay down the... ....[2010] by Rep. Chaka Fattah (D-Pa.). His "Debt Free America Act" (H.R. 4646) would impose a 1 percent "transaction tax" on every financial transaction...
Snopes says that Congressman DeFazio is one of the co-sponsors. Here’s what he has to say:
http://www.defazio.house.gov/index.php?option=com_content&view=article&id=642&Itemid=129
The fact is that this is a pant load of BS. Cong. Chakka Fattah ( formerly known as David Davenport before he decided to “find his African roots) launched this turd last year and it did die in committee. Do you really think that the Republicans would push something like this? I know, don’t answer, because they are just stupid enough to try.
I think I read that this came out in 2010 first. It’s right up there with that nickle tax on all emails to help the PO dept. since their first class mail is way down.
I think I read that this came out in 2010 first. It’s right up there with that nickle tax on all emails to help the PO dept. since their first class mail is way down.
Huh?? If they raise my taxes, it is not going to help ME be debt free!
That’s what my husband said.
But will Hawala be taxed :)
It say it gonna be tack on to all trazackshuns. Do dat mean on my welfair cheks?
Now. I ax you izzt fair?
Amusing but this is a crock of Horse $hit.
Yet Zero is my HERO!
Good one, some of the folks will believe anything Zero says, and others will believe any thing others say about him.
Yeech what a piece of dog doodie or leader is.
Caddis the Younger
Sponsor: Rep. Chaka Fattah [D-PA2]
Chaka that up to stupid Fattah.
Where you get names like dis?
"There's no way to rule innocent men. The only power government has is the power to crack down on criminals. When there aren't enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws." - Ayn Rand, "Atlas Shrugged," 1957
Mark
OpenCongress Summary
This bill seeks to eliminate the national debt by repealing the individual income tax and adding a new 1% tax on all financial transactions, including all consumer transactions like uses of cash, check and debit. It would also repeal refundable and nonrefundable personal tax credits and the alternative minimum tax (AMT). This bill has not attracted any co-sponsors, moved in the legislative process, or gotten any attention from congressional leaders. There is virtually zero chance of it moving in Congress. For more information, see this OpenCongress blog post: Vast Majority of Bills Go Nowhere (Debt Free America Edition).
“eliminate sales taxes, income taxes and others and replace it with a 1% transaction tax.”
sounds great to me, but of course the feds will just add it to all the current taxes.
but as stated it’s a very profitable deal for me
Don't get too cocky, no truly bad liberal/democrat/socialist/communist idea ever really dies.
bkmk
...............This is a 1% tax on all transactions at any financial institution .......................
No, this a 2% tax, because you pay another 1% when you take money back out of your account, via check, debit card, cash withdrawal.
Sneaky little communist bastards aren’t they!
This is insane. It would cause an immediate run on bank deposits, resulting in the collapse of the banking system. Rich & poor alike would find other places to keep their money.
Bear in mind that banks are paying less than 1% PER YEAR on savings, so there is little incentive to keep money in the banks now beyond security & convenience. With the advent of electronic payments, credit cards, & the like, people could avoid using a bank completely. Banks would literally be taxed out of business.
More Marxist methodology from Liberals to destroy this country.
"Oh, yeah! We forgot about those! Tax on those babies, too! Cash? Every time you buy something, that money is going into a bank eventually, so we'll just tax that, too. Oh, and the new currency with the RFID chips just found $5,000 under your bed. A bed gives about the same interest a savings account does, so we'll call it a bank. Tax!!"
Dick Obama will make sure they get a cut, so they will like it.
It is a lot worse than that. When you withdraw money that is also a "transaction." Actually it comes down to a wealth tax on cash. The tax is a minimum of 2% because it get s taxed each time it moves in or out or laterally.
If this crap goes through, you are going to have a serious Second American Revolution. Every “B” that votes for this will get voted out of office.
Mad as hell and not going to take it anymore!
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