Skip to comments.HR 4646 will become law if Obama is re-elected
Posted on 02/08/2012 10:26:58 AM PST by entropy12
ON JANUARY 1 2012, THE GOVERNMENT IS REQUIRING EVERYONE TO HAVE DIRECT DEPOSIT FOR SS CHECKS. WONDER WHY?
1% tax on all bank transactions HR4646 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 - ANOTHER NEW OBAMA TAX SLIPPED IN WHILE WE WERE A SLEEP.
Checked this on snopes, it's true ! Check out HR 4646.
President Obama's finance team is recommending a one percent (1%) transaction fee (T A X).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 $250 stock dividend from your broker, Obama takes $2.50 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, if 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 on money received AFTER paying your tax. 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 on one year's banking statements. Then add the total of all those transactions and deduct 1%. Still think it's no big deal?
CLICK ON THE WEB SITE BELOW---IT IS SNOPES AND YOU WILL SEE THAT THIS IS TRUE
Analysis: Quite misleading. It's true (as of this writing) that there's a bill in the House of Representatives, the Debt Free America Act (H.R. 1125), which would impose a one percent tax on certain financial transactions if passed, and it's also true that the bill was introduced by a Democrat, Rep. Chaka Fattah of Pennsylvania (who introduced more or less the same legislation in 2010 as H.R. 4646).
However, the legislation has zero co-sponsors, nor has it ever been acknowledged, let alone endorsed or supported, by anyone in the Obama administration.
Moreover, contrary to what is repeatedly claimed in the email, under the proposed legislation personal bank deposits would not be subject to subject to the tax. Section 4501(b)(2) of the current version of the bill reads as follows:
EXCEPTIONS- The term specified transaction shall not include--
(A) any transfer between accounts of the taxpayer, and
(B) any deposit into a personal account of an individual.
Like all previous iterations of the Debt Free America Act, the 2011 version isn't expected to be voted on, let alone passed by Congress.
This bill was sponsored by Chakkah Fatah or however you spell his name. No one else has cosponsored it. It won’t happen.
I hope you are right and that this bill is just a wet dream in Obama-Pelosi-Reid-Fatah’s minds.
But it also means we must be ever vigilant in not getting complacent, and let the liberals control WH+Senate+House, ever! They are capable of imposing all kinds of taxes.
Once a tax/fee/assessment/etc becomes law it can be easily changed into something more expensive. Also remember that modern Congresses have repeatedly proven that they are not held to any agreements/promises/laws enacted by previous Congresses. In fact, the last three years have repeatedly proven that Congress and the President don't have to obey the Constitution.
IMHO it is best to immediately and vocally oppose any such hidden tax/fee/assessment than to believe that future Congress-critters/presidents will not change/ignore them.
BL - We are no longer a Nation of laws; like it or not.
I think they will take a run at the Tobin Tax (tax on Wall Street and investment transactions), but a tax on all individual bank accounts won’t happen.