1% Transaction Tax?
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Senior Member
Joined: Jun 2005
Posts: 2,805
Likes: 2
From: NEVADA
1% Transaction Tax?
Anybody else receive an email like this one? My friend sends me this stuff, Birther stuff, Obama is a Muslim, etc. lol
Pasted -
> Here is something to consider.............
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> NEW TAX INFORMATION - INTRODUCED IN JOINT DEMOCRAT PARTY ACTION BY DEMOCRAT SENATOR HARKIN FROM IOWA!
>
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> GO TO SNOPES AND TYPE IN ( HR-4646 )
>
> *Subject:* Sneaky new law. Tax on your bank deposits.
>
> Have you heard about this ???
>
> Read and then call your Congressman.
>
>
> Watch for this AFTER November elections; remember this BEFORE you
> VOTE in case you think Democrats are looking out for your best interest.
>
> 1% tax on all bank transactions *HR 4646:*
> *This Bill must die!** *FORWARD THIS TO EVERYONE YOU KNOW!!
>
> 1% tax on all bank transactions HR 4646 - ANOTHER NEW TAX SLIPPED
> IN WHILE WE WERE ASLEEP. (see below copied from Snopes)
>
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> 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...
> Tue, 13 Sep 2011 11:26:26 GMT http://www.snopes.com/politics/taxes/debtfree.asp
>
>
> President Obama's finance team is recommending a one percent (1%)
> transaction fee (TAX) and 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 $10 just for the privilege of depositing your paycheck in your bank. (sounds like the banks are in on this one too - havent they done enough!)
> 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, the government 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 the 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"! so much for your 'free' bank account - AND DONT FORGET - THESE POLICTICIANS NEVER USE THE MONEY FOR WHICH THE SOURCE OF THE FUNDS INTENDED.
>
> 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 FreeAmerica Act" (H.R. 4646) would impose a 1 percent "transaction tax" on every financial transaction...
> Tue, 12 Oct 2010 11:26:37 GMT
> http://www.snopes.com/politics/taxes/debtfree.asp
----------------------------------------------------------------------------------------------------------------------------------------------------Googled this -
http://urbanlegends.about.com/od/bar...action-Tax.htm
Pasted -
> Here is something to consider.............
>
>
>
>
>
> NEW TAX INFORMATION - INTRODUCED IN JOINT DEMOCRAT PARTY ACTION BY DEMOCRAT SENATOR HARKIN FROM IOWA!
>
>
>
>
>
>
>
> GO TO SNOPES AND TYPE IN ( HR-4646 )
>
> *Subject:* Sneaky new law. Tax on your bank deposits.
>
> Have you heard about this ???
>
> Read and then call your Congressman.
>
>
> Watch for this AFTER November elections; remember this BEFORE you
> VOTE in case you think Democrats are looking out for your best interest.
>
> 1% tax on all bank transactions *HR 4646:*
> *This Bill must die!** *FORWARD THIS TO EVERYONE YOU KNOW!!
>
> 1% tax on all bank transactions HR 4646 - ANOTHER NEW TAX SLIPPED
> IN WHILE WE WERE ASLEEP. (see below copied from Snopes)
>
>
>
>
>
>
>
>
>
>
>
>
>
> 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...
> Tue, 13 Sep 2011 11:26:26 GMT http://www.snopes.com/politics/taxes/debtfree.asp
>
>
> President Obama's finance team is recommending a one percent (1%)
> transaction fee (TAX) and 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 $10 just for the privilege of depositing your paycheck in your bank. (sounds like the banks are in on this one too - havent they done enough!)
> 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, the government 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 the 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"! so much for your 'free' bank account - AND DONT FORGET - THESE POLICTICIANS NEVER USE THE MONEY FOR WHICH THE SOURCE OF THE FUNDS INTENDED.
>
> 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 FreeAmerica Act" (H.R. 4646) would impose a 1 percent "transaction tax" on every financial transaction...
> Tue, 12 Oct 2010 11:26:37 GMT
> http://www.snopes.com/politics/taxes/debtfree.asp
----------------------------------------------------------------------------------------------------------------------------------------------------Googled this -
http://urbanlegends.about.com/od/bar...action-Tax.htm
Technical Article Contributor
Joined: Jun 2002
Posts: 10,511
Likes: 10
From: Under the flightpath of old ORD 22R
Close to factual, kind of like a MSNBC report 
Rep. Fattah from 2nd district of PA ( born in IA - not elected there ) introduced HR-4646 in the 111th congress.
The bill did not get any traction, so it was cleared from the docket at the end of the 111th congress.
reintroduced as HR-1125 in the 112th congress.
It is a 1% fee on all retail and financial transactions excluding personal bank accounts and stock transactions ( stock transactions, there is a part in the bill, where this will be added later ).
The thought is use this fee for 7 to 10 years to pay off all the debt, and then after that use it to remove federal personal income tax and AMT.
The interesting part on the fact sheet, this removes the money used on federal debt, so those funds can be used for creating job growth.
- Sounds a lot like it is not changing the spending habits, only where the money is sourced from.
The part about it is not on personal bank accounts is misleading by trying to point out that individuals are going to be untouched by this, where anyone with a brain knows this 1% will be added to the cost of good and services that individuals use. There is a note that upto 250K joint ( 100K individual - not the typical 125K ) the person gets a 1% credit to offset the passed on cost based upon AGI.
Sounds like the tax the money all the way through the system, just like today. There is a line in the bill that points to this fact, as if it is a good thing...
True to any bill from DC, it has added items, that are fringe connected to the action ( green / clean energy, investment in manufacturing, etc ).
Here is what it is targeting
Sounds like this means there is going to be a 1% fee on a home purchase, as well as the car, food, clothing, etc.
The FAQ on the bill tried to minimize the impact to the consumer, but this could have a huge impact on large purchases, and for companies this could be huge ( 1% on a $ 500M building ? ). Additional 1% fee on fuel.
The seller ( or institution ) is the one that has to collect the fee, and pay it to the govt.
1% fee on a home, when you sell, you have to collect 1% and file it with the federal govt...
True to DC nature, another task force is made to oversee the implementation and operation of the fee ( the panel does not get additional pay, but it is going to cost $ 9M per year for the task force ).
Rather than cure the spending problem in DC, this is another route to force by law, an increase in the tax income. Sorry, it is referred to as a fee in the bill, guess that means it is not a tax.
Draft of the bill :
http://fattah.house.gov/uploads/112t...ica%20Bill.pdf
Rep. Fattah from 2nd district of PA ( born in IA - not elected there ) introduced HR-4646 in the 111th congress.
The bill did not get any traction, so it was cleared from the docket at the end of the 111th congress.
reintroduced as HR-1125 in the 112th congress.
It is a 1% fee on all retail and financial transactions excluding personal bank accounts and stock transactions ( stock transactions, there is a part in the bill, where this will be added later ).
The thought is use this fee for 7 to 10 years to pay off all the debt, and then after that use it to remove federal personal income tax and AMT.
The interesting part on the fact sheet, this removes the money used on federal debt, so those funds can be used for creating job growth.
- Sounds a lot like it is not changing the spending habits, only where the money is sourced from.
The part about it is not on personal bank accounts is misleading by trying to point out that individuals are going to be untouched by this, where anyone with a brain knows this 1% will be added to the cost of good and services that individuals use. There is a note that upto 250K joint ( 100K individual - not the typical 125K ) the person gets a 1% credit to offset the passed on cost based upon AGI.
Sounds like the tax the money all the way through the system, just like today. There is a line in the bill that points to this fact, as if it is a good thing...
True to any bill from DC, it has added items, that are fringe connected to the action ( green / clean energy, investment in manufacturing, etc ).
Here is what it is targeting
‘(3) TRANSACTION.—The term ‘transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.
LIABILITY FOR FEE.—Persons become liable for the fee at the moment the person exercises control over a piece of property or service, regardless of the payment method.
LIABILITY FOR FEE.—Persons become liable for the fee at the moment the person exercises control over a piece of property or service, regardless of the payment method.
The FAQ on the bill tried to minimize the impact to the consumer, but this could have a huge impact on large purchases, and for companies this could be huge ( 1% on a $ 500M building ? ). Additional 1% fee on fuel.
The seller ( or institution ) is the one that has to collect the fee, and pay it to the govt.
1% fee on a home, when you sell, you have to collect 1% and file it with the federal govt...
True to DC nature, another task force is made to oversee the implementation and operation of the fee ( the panel does not get additional pay, but it is going to cost $ 9M per year for the task force ).
Rather than cure the spending problem in DC, this is another route to force by law, an increase in the tax income. Sorry, it is referred to as a fee in the bill, guess that means it is not a tax.
Draft of the bill :
http://fattah.house.gov/uploads/112t...ica%20Bill.pdf