Webster

The Constitution was made to guard the people against the dangers of good intentions." --American Statesman Daniel Webster (1782-1852)


Tuesday, July 12, 2011

HR 4646

I went to thehill.com and researched this bill after I got this e-mail.  It is confirmed.  They are trying to get more money from us, to purportedly pay down the national debt.  The problem is that the gov't will spend every penny it gets even if this is passed.  It will just give a crack addict more crack to smoke.  


One idea for raising taxes to pay down the debt is the bill introduced this February 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 — whether paid by cash, credit card or any form of financial transfer, the only exception being transactions involving the purchase or sale of stock. Theoretically, everyone would pay one cent on the dollar for every such transaction in America every day — whether $3 million on a $300 million business acquisition, $300 on the purchase of a $30,000 car, or $5 on a $500 ATM withdrawal.
To reduce the impact of such a flat tax on the poor, Fattah’s bill provides for a 1 percent tax credit for couples earning $250,000 or less ($125,000 or less for individuals) and discretion by the Treasury Department to exempt certain transactions on which lower-income people disproportionately rely. Another idea would be to amend his bill to exempt all transactions below $500.     

   This is the e-mail that I received:
Subject: 1% tax on all bank transactions
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!This Bill must die 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. (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???

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