Posted on 10/30/2010 10:28:10 AM PDT by econjack
This topic was posted here once before, but only 10 people commented on it! I can't believe that, since this tax applies to EVERY deposit you make to any financial account. And, it works on money going out of the account, too. So if you write a check to your child in college, you get charged 1% of the amount. Your child, when they deposit the check also gets charged 1%. Only 10 of you find that a bad idea! Come on...this should cause rioting in the streets!
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.
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 deposit, 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.
That’s what was said about Obamacare.
See you at the barracades!!
another sinister plot by leftist thieves
another sinister plot by leftist thieves
OFF TOPIC PNG
Nice. they want to steal from peoples checking accounts.
and the government reaches ever deeper into our pockets.
These dimwits, don’t seem to think that no-one would use banks again. Then cash would rule. It would be the end of credit cards, checking, savings, or any other “account”. Death of Mastercard Visa, AMEX, and even revolving balance store cards.
It would also be the end of direct deposit. Take the check to the bank and present it and take the cash. It would be a back door income tax on every payroll deposit.
Insanity. The Treasury Department couldn’t print paper money fast enough to keep up the demand. Of course, it’s not like the financial sector is on its knees or anything. Banks got lotsa money. Let’s make them lend it to poor folks to buy houses that they can’t afford under normal underwriting rules. What could go wrong? What could possibly go wrong?
Some people never learn. No sentient adult thinks this tax is a good idea. Unfortunately, Paul Krugman, Barak Obama, and Bwaney Fwank are, by this definition, excluded from the class, “sentient adults”.
“This is why only 10 people responded. Not a chance it’ll go forward.”
Like Obamacare? When over half of the country was against it?
Don’t bet the farm that it won’t pass. Remember, a bunch of Dems are on the way out. What better, final F*ck You!?
[Luckily, my mattress doesn’t charge tax.]
Such a tax could literally break the banks. There would suddenly be a premium on cash. Since each dollar gets turned over multiple times during a year, 1% is actually a usury level rate.
Why?...... Because, just like last time, the government would not survive.
This “camel” is carrying an awful lot of “straw” at this point and has yet to make any real protest about it.
A 1% tax would never fly. BUT if they started at .01% ($100 /$1 million) that might go, and then they could increase it from there. (Same approach used with the stinking income tax.)
We’d have black markets that rivaled the old USSR.
Years ago I read that 30% of Italy’s economy was underground due to taxes and regulations.
Ideas like this “transaction tax” are pure communism. And the USA is so far gone that no one will even admit that out loud.
Not gonna happen after an aroused public throws out 70 House dems.
Sometimes, when the opposition gets really quiet, that’s a really bad sign. People have gone from talking to doing.
Such a tax would devastate the banks as people pull their funds and go cash-only.
His (and THEIR, generally) problem is that they simply will not understand that most people will unfailingly change their behaviour in response to increased taxation, particularly of something SO ubiquitous as "financial transactions", however defined. Those posters on this thread who have predicted a rise in the "underground economy" are utterly and absolutely spot-on. Said rise will exceed anything one can imagine, too.
His (and THEIR, generally) problem is that they simply will not understand that most people will unfailingly change their behaviour in response to increased taxation, particularly of something SO ubiquitous as "financial transactions", however defined. Those posters on this thread who have predicted a rise in the "underground economy" are utterly and absolutely spot-on. Said rise will exceed anything one can imagine, too.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.