1 % Tax on all Financial Transactions.

[coracle]

I had the following "info" sent to me today. Does anyone know if this is a Republican scare tactic or is there some substance in it? [[reportedly bill HR-4646 presented by DeFazio [[D) and Harkin [[D))


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???


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, 12 Oct 2010 11:26:37 GMT




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[Gistok]

Yes... good old scare Emails.... I love them... somebody heard something, and then the next thing you know these scare Emails go around like hotcakes...

THE TRUTH.... if you Google HR4646, here's what you will find...

1) that bill was proposed in a PREVIOUS session of congress... all bills are cleared off the docket at the end of each session, so that bill died...
2) what your Email conveniently left out was the scare tactic part... it DOESN'T mention that this transaction fee would REPLACE the income tax on individuals... funny that!!

http://www.govtrack.us/congress/bill.xpd?bill=h111-4646

[Jimaz]

The real Snopes article on "Debt Free America Act"

MIXTURE OF TRUE AND FALSE INFORMATION

Like Rep. Fattah's other Congressional efforts along these lines, his Debt Free America Act had no sponsors other than himself, languished in committee ever since it was introduced, and has about as much chance of passing as a snowball does of surviving hell. Thus, although e-mailed warnings about a "1% transaction tax" do reference a real piece of proposed legislation, the amount of attention those warnings have garnered vastly, vastly outstrips any real possibility that such legislation will actually be enacted.

Moreover, some of the additional details contained with such e-mailed warnings are erroneous:...

BOO! Is it Halloween already?

[Gistok]

Jimaz... this EMAIL reminds me of the news last fall going thru the grapevine [[spread thanks to the Fox "News" Channel) that Obama was spending $2 billion on a trip to India with 3,000 people as guests on the trip.... all because some middling anonymous Indian Maharashtra State beaurocrat said something about the trip "may" cost India $200 million per day.

Anyone who watches Fox News should do so with a GREAT degree of scepticism... just Google "Hannity Obama $2 Billion Trip to India"....

Fox News's motto should be "Fair, Balanced and Entertaining".... and "We don't bother with the messy task of story retraction".

[[This is a strange DYES software fluke... the word Fox got doubled the first time I used it, it's only in my actual message once at that point.)

[old guy]

And from Politifact....http://www.politifact.com/rhode-isla...ants-1-percen/

[Jimaz]

Jimaz... this EMAIL reminds me of the news last fall....

"We don't bother with the messy task of story retraction".

Yeah. I give everyone the benefit of the doubt for a while. We're all human. We all make mistakes. It's when a pattern of repetitive deception is established that I conclude intent to deceive and so then give preference to other information sources. It's like Bush's infamously mangled quote about "Fool me once...." or the Boy Who Cried Wolf fable.

Such filtering might surprisingly undermine the unlimited anonymous corporate ad funding unleashed by the bizarre SCOTUS Citizens United decision. The anticipated flood of investment in political advertising will be seen in retrospect as yet another "bubble" when no one chooses to listen to the expensive lies. What kind of morons choose to listen to lies directed at themselves anyway?

[[This is a strange DYES software fluke... the word Fox got doubled the first time I used it, it's only in my actual message once at that point.)

That has happened to me too. I suspect it's a bug in Microsoft Internet Explorer's wraparound algorithm. If you "view source" of the webpage, the last word of the first line is not duplicated. It's an I.E. HTML rendering bug. Lowell's aware of it. It's not DYES.

[Jimaz]

And from Politifact....http://www.politifact.com/rhode-isla...ants-1-percen/

That "pants on fire" GIF is well worth downloading for future use.

I nominate this thread for the New Republican Lies thread.