Obama's 1% Transaction Tax "Bill HR 4646"

[ardyce]

This needs a big NO to voting for it  --  it's insane to think it could go thru without our knowledge. 
                    
         BETTER STOP THIS ONE DEAD IN IT'S TRACKS!!!  BAD ENOUGH CONGRESS STOPPED COST OF LIVING RAISES ON ALL SOCIAL SECURITY PAYMENTS FOR THREE YEARS, NOW THEY WANT TO TAKE ANOTHER 1% EVERY MONTH OUT OF YOUR DIRECT DEPOSIT S/S CHECK (That's about $15.00/mo for the average retiree!!). THEN THINK 1% ON EVERY CHECK, DRAFT OR MONEY ORDER YOU WRITE OR RECEIVE!!!   PELOSI IS REALLY PUSHING THIS ONE.  PLEASE FORWARD AS WIDELY AS POSSIBLE.
                   
                  
         1% Transaction Tax
         
                      
            _____ 
         
         H. R. 4646
         
         I have gone into THOMAS (Library of Congress) and printed out and read all 15 pages of this bill which has been given the "Short Title" of " Debt Free America Act."  It is the most socialistic thing I have ever read.  Just think, if you deposit $5,000.00 into your checking account or savings account the bank has to  take out 1% or $50.00 of that money and send it to Washington. Then, any checks or cash you take out of your bank they will deduct 1% from what is still in the bank and send it to Washington .  Total put in the Bank $5,000.00, $100.00 of that you give to Washington .
         
         This bill, spells it out that everyone will pay the Government 1% of their gross income.
         
         Page 9 states the House and Senate shall convene not later than November 23, 2010 and Page 11 states the vote on passage shall occur not later than December 23, 2010.
         
         SEND THIS TO EVERYONE YOU KNOW AND EVERYONE NEEDS TO CONTACT THEIR
         CONGRESSMAN AND SENATOR AND TELL THEM TO VOTE NO ON THIS BILL. 
         
         If you don't know who your Congressman or Senator is, go to Google, type in "(your state) Congressman email address".  When it comes up, click on "Complete E-mail address for Congress/House, Senate, Governors and get both
         e-mail and FAX info. 
         
         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 deposited, 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
         

[greg10]

This needs a big NO to voting for it  --  it's insane to think it could go thru without our knowledge. ..

What does this have to do with Obama other than it makes good headlines?  and why post it now other than the election is near? the original bill was entered in February 2010 and there is basically no sponsors and passage is doubtful.  The bill's goal is to replace the income tax with this transaction tax and to reduce the national debt.

"Summary of the eRumor: 
This is a forwarded email that says President Obama's finance team is planning to impose a 1% tax on all transactions conducted in financial institutions and that they plan to sneak it in after the November election.


The Truth: 
There is a Congressional House Bill, HR-4646, the Debt Free America Act that was introduced in Congress on February 23, 2010, but we have not found any evidence that the bill is being snuck in by any finance team members as the eRumor alleges.

The bill was sponsored by Democratic Congressional Representative Chaka Fattah of Pennsylvania and says that it is to "establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals."  Fattah has a description of the bill along with a press release posted on his Congressional web site.  Fattah is a member of the House Appropriations Committee, not President Obama's finance team.

The Thomas Library is the official site where legislative bills are posted and progress can be monitored. The bill can easily be found and currently the Thomas Library site shows that the Debt Free America Act is in the House committee and then will be referred to the Committee on Ways and Means, the Committees on the Budget, Rules, and Appropriations.   Click here for the Thomas Library for text and status of the bill.   

This is a single sponsor bill and speculators doubt its passage.

The Debt Free America Act HR-4646 can also be found at the Govtrack US site, a civic project that tracks legislative activity.  Click for Govtrack.us information on HR-4646.

updated 09/9/10  "

[MooseMom]

Sorry, I'm confused.  If there is no increase in the cost of living, then why should there be an increase in SS payments?  I thought the increase in such payments were tied to the rate of inflation, and so if there is no rise in COLA, then why should there be an increase in SS?  I thought that people were all up in arms about the increase in government spending.  Obviously I'm missing something here...

[Rerun]

The bill to put a 1% fee on banking transactions is just a bill.  Crazy bills are presented everyday.  That doesn't mean they go anywhere.

But yes, it is scary that it was "thought" of at all.

[greg10]

The bill to put a 1% fee on banking transactions is just a bill.  Crazy bills are presented everyday.  That doesn't mean they go anywhere.

But yes, it is scary that it was "thought" of at all.

In my newbie experience, this is not a crazy idea.  How many middle class earners pushes 50k, 100k or more of cash around all the time?  Remember this is supposed to replace the income tax.  If you put a threshold exemption of say 50k-100k per year per wage earner, the 1% tax will be minimal for middle income earners, but would be more substantial for anyone making say 200k or more or for those with large assets that they move around every year, such as stock and commodity traders.

This is just an alternative idea to the income tax system the US has right now, which is fairly complicated.

[BigSky]

What does this have to do with Obama other than it makes good headlines?  and why post it now other than the election is near? the original bill was entered in February 2010 and there is basically no sponsors and passage is doubtful.  The bill's goal is to replace the income tax with this transaction tax and to reduce the national debt.

Probably because in reality something of this magnitude would not have been introduced at all unless the current Administration was on board with it because it would need to be signed by the President in the end to go through.

Also with the bill the exemption on low icnome was only around for a few years before it was removed completely.  Which means every single transaction could be taxed.  From depositing your paycheck to buying groceries  or paying for healthcare.

The very idea of taxing a banking transaction itself is absurd considering it could very well cause masses of people to avoid the banking system all together, not to mention the hassle it could cause employers to face when employees refuse to accept checks and will only accept the only valid legal tender in the US.  (Cash)

[Joe Paul]

Just a shame the only things you know for sure will happen in life is death and taxes. Sorry for going off topic

[okarol]

Here's more info on an email going around about HR 4646:
http://www.snopes.com/politics/taxes/debtfree.asp

[BigSky]

Here's more info on an email going around about HR 4646:
http://www.snopes.com/politics/taxes/debtfree.asp

I did read about this bill a few months ago.  I did get a kick how they try to sell it as  not being a tax but a "transaction fee".   Only a politician would try to insist a tax is not a tax.  LOL.

[ChickenLittle56]

The states are all creating transaction 'fees' and increasing 'fees' for everything else. Why can't they just say we are TAXING the bank transactions instead.