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1% tax on all bank transactions [or not, see post 4]
email | 8/31/2011 | D Carper

Posted on 08/31/2011 3:10:53 PM PDT by IbJensen

Watch for this AFTER November elections; remember this BEFORE you VOTE ... in case you think Obama'slooking 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!!

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???

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...


TOPICS: Business/Economy; Constitution/Conservatism; Crime/Corruption; Government; Miscellaneous
KEYWORDS: chat; theft; unsourcedemail; vanity
They create an additional tax on us by the inflated food prices we all experience at the market. They'd love to get their hands on our IRAs and hunger for a VAT. I don't believe, however, that they can slip this one in under the radar.

I predict that if they keep on trying as they are with this POS, then they've created an atmosphere very like Madrid in 1936.

1 posted on 08/31/2011 3:10:58 PM PDT by IbJensen
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To: IbJensen

Sounds like the Stamp Act all over again.


2 posted on 08/31/2011 3:14:13 PM PDT by SubMareener (Save us from Quarterly Freepathons! Become a MONTHLY DONOR!)
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To: IbJensen

This is going to piz a LOT of democrats off.

Spread the news.


3 posted on 08/31/2011 3:14:35 PM PDT by TribalPrincess2U (Rabid democRATS and 0bama the dictator own it all now.)
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To: IbJensen
This bill was referred to committee 18 months ago and died there. Link
4 posted on 08/31/2011 3:15:04 PM PDT by SoJoCo
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To: IbJensen

I guess I’ll just transition over to cash and money orders.


5 posted on 08/31/2011 3:15:50 PM PDT by Repeal The 17th (Proud to be a (little bit bigger) monthly donor.)
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To: IbJensen

Do you have a credible link to support this?


6 posted on 08/31/2011 3:16:02 PM PDT by SaveTheChief
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To: IbJensen
I have no idea how to get around all this....it makes me sick.....I guess just learn to cheat and be dishonest....if that's what they want that's what they'll get...

the ONLY reason this country hasn't succumbed to be a third world country is because MOST citizens obey laws and pay taxes....

that could end pretty quick...

I guess one thing to do is to increase your deductions so the govt doesn't get as much money thru out the year....

7 posted on 08/31/2011 3:16:35 PM PDT by cherry
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To: IbJensen

Per UrbanLegends.com:

It’s true (as of this writing) that there’s a bill in the House of Representatives (H.R. 4646: Debt Free America Act) which would impose a one percent tax on financial transactions if passed, and it’s also true that the bill was introduced by a Democrat (Rep. Chaka Fattah, Pennsylvania). However, the legislation has zero co-sponsors, nor has it even been acknowledged, let alone supported or endorsed, by the Obama administration. It is expected to go nowhere.

Rep. Fattah has introduced similar bills before over the past six years or so, obviously without success. In a September 2010 interview with Brooks Jackson of FactCheck.org, Fattah said no one at the White House has commented on the current House bill in any fashion.


8 posted on 08/31/2011 3:17:25 PM PDT by mgstarr ("Some of us drink because we're not poets." Arthur (1981))
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To: SoJoCo
Ditto that...

http://www.govtrack.us/congres...

9 posted on 08/31/2011 3:17:40 PM PDT by moovova
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To: SoJoCo

Thank you, I was just about to start having hysterics. Isn’t there a policy on FR that “articles” are not posted that don’t have a reliable source? (Which I don’t think “email” is.) Unless they are specified as “vanity post”? This is serious stuff and people should verify. Our lives and freedoms are on the line in this next election.


10 posted on 08/31/2011 3:19:10 PM PDT by baa39
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To: IbJensen
Think of the problems, can credit card companies pass on this tax/fee? There are already Federal rules covering credit card fees.

Can business pass along this fee?

and remember the anger towards the ATM fees!

11 posted on 08/31/2011 3:20:23 PM PDT by Lockbox (`)
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To: mgstarr

Interestingly, according to Wikipedia the bill also repealed the federal income tax.


12 posted on 08/31/2011 3:21:38 PM PDT by Bubba Ho-Tep ("More weight!"--Giles Corey)
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To: IbJensen

Read where SNOPES was caught out on some untruths. SNOPES is backed by Soros and is run by a husband and wife team. There was something about Kagan and Obama they said was not true but come to find out it was. Had to do with dockets on the Supreme Court. And that thing about taxing bank deposits is an urban legend. See http://urbanlegends.about.com/od/barackobama/a/Obama-One-Percent-Transaction-Tax.htm


13 posted on 08/31/2011 3:22:20 PM PDT by SkyDancer (You know, they invented wheelbarrows to teach government employees how to walk on their hind legs.)
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To: IbJensen
Here's a clue for you. If you receive an email that includes the phrase "FORWARD THIS TO EVERYONE YOU KNOW!! , it's more than likely bogus.
14 posted on 08/31/2011 3:22:38 PM PDT by 109ACS (If this be Treason, then make the most of it. Patrick Henry, May 1765)
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To: IbJensen

Will you ask the mods to delete your thread or shall we? Here’s the gun........


15 posted on 08/31/2011 3:22:48 PM PDT by Hot Tabasco (FREE YOUR BREASTS! FREE YOUR MIND!)
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To: IbJensen

Well...I wants to know...how duz this affeck me? Will my EBT deposit, my EITC deposit, my AFDC deposit, my SCHIP depozit ekcetera get this heer taks? Huh? I reely wants to know....


16 posted on 08/31/2011 3:23:34 PM PDT by Gaffer
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To: TribalPrincess2U
This is going to piz a LOT of democrats off.

Problem is, a lot of democrats just don't think logically about issues like this and tie it into Obama and the Democrat policies. Talk to them, and you will find they are painfully ignorant of the real world. "They are doing it to us!" Who is they? "Them Republicans!"

Seriously. The Left can and will spin this as the "Tea Party's fault" or the Republicans' fault, and people will actually believe it.

17 posted on 08/31/2011 3:24:39 PM PDT by Clock King (Ellisworth Toohey was right: My head's gonna explode.)
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To: TribalPrincess2U

This is BS and shouldn’t be on FR. Just makes us look bad. This is an obscure bill that has been around since 2004 at least. It was proposed by a congressman that wanted to eliminate sales taxes, income taxes and others and replace it with a 1% transaction tax. It has NO sponsors other than the congressman that proposed it and would never get out of committee, much less pass the House. Let’s use our efforts to fight Obamacare, debt ceilings, spending, etc. etc. rather than waste our time with this crap.


18 posted on 08/31/2011 3:25:11 PM PDT by conservaterian (Sarah/DeMint '12)
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To: IbJensen

Is there anything the government won’t tax?

Next they’ll be putting a tax on the taxes we pay!


19 posted on 08/31/2011 3:27:57 PM PDT by aquila48
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To: SkyDancer

Yes, True is “Mostly False” for the Hussein Head Mikkelsons.

They put out around 300 articles A DAY to support the fraud.


20 posted on 08/31/2011 3:28:33 PM PDT by treetopsandroofs (Had FDR been GOP, there would have been no World Wars, just "The Great War" and "Roosevelt's Wars".)
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To: SkyDancer

Snopes says that Congressman DeFazio is one of the co-sponsors. Here’s what he has to say:

http://www.defazio.house.gov/index.php?option=com_content&view=article&id=642&Itemid=129

The fact is that this is a pant load of BS. Cong. Chakka Fattah ( formerly known as David Davenport before he decided to “find his African roots) launched this turd last year and it did die in committee. Do you really think that the Republicans would push something like this? I know, don’t answer, because they are just stupid enough to try.


21 posted on 08/31/2011 3:28:45 PM PDT by vette6387 (Enough Already!)
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To: vette6387

I think I read that this came out in 2010 first. It’s right up there with that nickle tax on all emails to help the PO dept. since their first class mail is way down.


22 posted on 08/31/2011 3:32:13 PM PDT by SkyDancer (You know, they invented wheelbarrows to teach government employees how to walk on their hind legs.)
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To: treetopsandroofs

I think I read that this came out in 2010 first. It’s right up there with that nickle tax on all emails to help the PO dept. since their first class mail is way down.


23 posted on 08/31/2011 3:32:41 PM PDT by SkyDancer (You know, they invented wheelbarrows to teach government employees how to walk on their hind legs.)
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To: IbJensen
Debt Free America Act

Huh?? If they raise my taxes, it is not going to help ME be debt free!

24 posted on 08/31/2011 3:34:10 PM PDT by Right Wing Assault (Dick Obama is more inexperienced now than he was before he was elected.)
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To: Repeal The 17th

That’s what my husband said.


25 posted on 08/31/2011 3:34:13 PM PDT by alice_in_bubbaland (DeMint /Palin, DeMint/Bachmann, DeMint/Cain, DeMint/Ryan 2012!!!!!!!)
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To: IbJensen

But will Hawala be taxed :)


26 posted on 08/31/2011 3:40:07 PM PDT by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: Gaffer

It say it gonna be tack on to all trazackshuns. Do dat mean on my welfair cheks?

Now. I ax you izzt fair?


27 posted on 08/31/2011 3:41:39 PM PDT by IbJensen (Welfare: putting a cake under the sink expecting that it won’t attract cockroaches.)
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To: IbJensen

Amusing but this is a crock of Horse $hit.

Yet Zero is my HERO!

Good one, some of the folks will believe anything Zero says, and others will believe any thing others say about him.

Yeech what a piece of dog doodie or leader is.

Caddis the Younger


28 posted on 08/31/2011 3:43:38 PM PDT by palmerizedCaddis
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To: moovova

Sponsor: Rep. Chaka Fattah [D-PA2]

Chaka that up to stupid Fattah.

Where you get names like dis?


29 posted on 08/31/2011 3:43:47 PM PDT by IbJensen (Welfare: putting a cake under the sink expecting that it won’t attract cockroaches.)
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To: cherry
I have no idea how to get around all this....it makes me sick.....I guess just learn to cheat and be dishonest....if that's what they want that's what they'll get...

"There's no way to rule innocent men. The only power government has is the power to crack down on criminals. When there aren't enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws." - Ayn Rand, "Atlas Shrugged," 1957

Mark

30 posted on 08/31/2011 3:45:34 PM PDT by MarkL (Do I really look like a guy with a plan?)
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To: IbJensen

OpenCongress Summary
This bill seeks to eliminate the national debt by repealing the individual income tax and adding a new 1% tax on all financial transactions, including all consumer transactions like uses of cash, check and debit. It would also repeal refundable and nonrefundable personal tax credits and the alternative minimum tax (AMT). This bill has not attracted any co-sponsors, moved in the legislative process, or gotten any attention from congressional leaders. There is virtually zero chance of it moving in Congress. For more information, see this OpenCongress blog post: Vast Majority of Bills Go Nowhere (Debt Free America Edition).


31 posted on 08/31/2011 4:10:20 PM PDT by radioone ("2012 can't come soon enough")
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To: conservaterian

“eliminate sales taxes, income taxes and others and replace it with a 1% transaction tax.”

sounds great to me, but of course the feds will just add it to all the current taxes.

but as stated it’s a very profitable deal for me


32 posted on 08/31/2011 4:24:30 PM PDT by fnord (Republicans are just the right-wing of the left-wing of American politics)
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To: SoJoCo
This bill was referred to committee 18 months ago and died there.

Don't get too cocky, no truly bad liberal/democrat/socialist/communist idea ever really dies.

33 posted on 08/31/2011 4:25:42 PM PDT by null and void (Day 950 of America's holiday from reality...)
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To: IbJensen

bkmk


34 posted on 08/31/2011 4:27:28 PM PDT by Sergio (An object at rest cannot be stopped! - The Evil Midnight Bomber What Bombs at Midnight)
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To: IbJensen

...............This is a 1% tax on all transactions at any financial institution .......................

No, this a 2% tax, because you pay another 1% when you take money back out of your account, via check, debit card, cash withdrawal.

Sneaky little communist bastards aren’t they!


35 posted on 08/31/2011 4:34:17 PM PDT by Noob1999
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To: IbJensen
If this happens, then Obama will get 1% of my money as I withdraw it from the bank & close my account.

This is insane. It would cause an immediate run on bank deposits, resulting in the collapse of the banking system. Rich & poor alike would find other places to keep their money.

Bear in mind that banks are paying less than 1% PER YEAR on savings, so there is little incentive to keep money in the banks now beyond security & convenience. With the advent of electronic payments, credit cards, & the like, people could avoid using a bank completely. Banks would literally be taxed out of business.

More Marxist methodology from Liberals to destroy this country.

36 posted on 08/31/2011 4:36:56 PM PDT by Mister Da (The mark of a wise man is not what he knows, but what he knows he doesn't know!)
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To: Repeal The 17th
money orders

"Oh, yeah! We forgot about those! Tax on those babies, too! Cash? Every time you buy something, that money is going into a bank eventually, so we'll just tax that, too. Oh, and the new currency with the RFID chips just found $5,000 under your bed. A bed gives about the same interest a savings account does, so we'll call it a bank. Tax!!"

37 posted on 08/31/2011 4:37:00 PM PDT by Right Wing Assault (Dick Obama is more inexperienced now than he was before he was elected.)
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To: TribalPrincess2U
This is going to piz a LOT of democrats off.

Dick Obama will make sure they get a cut, so they will like it.

38 posted on 08/31/2011 4:38:03 PM PDT by Right Wing Assault (Dick Obama is more inexperienced now than he was before he was elected.)
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To: IbJensen
It's a 1% tax increase across the board.

It is a lot worse than that. When you withdraw money that is also a "transaction." Actually it comes down to a wealth tax on cash. The tax is a minimum of 2% because it get s taxed each time it moves in or out or laterally.

39 posted on 08/31/2011 4:44:50 PM PDT by arthurus (Read Hazlitt's "Economics In One Lesson.")
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To: arthurus

If this crap goes through, you are going to have a serious Second American Revolution. Every “B” that votes for this will get voted out of office.
Mad as hell and not going to take it anymore!


40 posted on 08/31/2011 4:51:52 PM PDT by kgrif_Salinas
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks IbJensen.


41 posted on 08/31/2011 5:35:05 PM PDT by SunkenCiv (It's never a bad time to FReep this link -- https://secure.freerepublic.com/donate/)
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To: IbJensen; All

Before everyone piles on IbJensen more than they already have, we should remember that some politician has already had this disgusting idea. Even though HR4646 died, it may reappear in the future under a different guise.


42 posted on 08/31/2011 6:45:57 PM PDT by Sarajevo (Is it true that cannibals don't eat clowns because they taste funny?)
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To: IbJensen

I quickly scanned the thread andsaw that the bill has been killed... for now.

A friend sent me a book last year. It was Glenn Beck’s “The Overton Window.” I doubt Mr. Beck will get a Pulitzer for his efforts but it was a decent read. More importantly, it defined the Overton Window. I’m not going to go into a lot of detail here, for those that are interested, the subject can be looked up at Wikipedia. When you do look it up you’ll realize the window has moved.


43 posted on 08/31/2011 6:58:48 PM PDT by oldfart (Obama nation = abomination. Think about it!)
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To: Lockbox

if i pay more to my credit card company, shouldn’t i be getting like 24% interest on it...

c’mon.... where’s the law for that one.

teeman


44 posted on 08/31/2011 8:43:49 PM PDT by teeman8r (armageddon won't be pretty, but it's not like it's the end of the world.)
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