Editors Note: We are getting a lot of hits on this article – which some say FactCheck.org has debunked – as though it does not exist and/or is not true. However, see this link right to Chaka Fattah’s Congressional website – http://fattah.house.gov/index.cfm?sectionid=34§iontree=32,34&itemid=565 – This is what he proposed. We have posted the entire bill at the end of this article for your reading pleasure. You can view this on GovTrack.us’ website at http://www.govtrack.us/congress/bill.xpd?bill=h111-4646
October 21st, 2010 Update: Apparently this has hit a real nerve with a lot of people. Some claiming it doesn’t exist, some that it just isn’t true, some that say we are promoting just a right wing conspiracy idea. The facts are the facts. We are just trying to provide the information to help educate our readers. Apparently the line between education and truth are all relevant depending on your socio-political leanings.
Nov. 2 2010 – Update: Though this bill has gained no supporters and has no feet to it, the unfortunate aspect is that items like this are brought forth as a “replacement tax” to our current federal income tax. Has no one learned anything about our Federal Government and that once a tax is in place, and the Government is taking that money, that rarely is it ever given back to the people? Government has an insatiable appetite for the people’s money. Once the pig is loose in the trough it is tough to get it reigned back in where it once was. This is just another example of “it will replace” when in reality it will move in concert with the Federal income tax.
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.
This is only the beginning …. here is the text of the bill:
Continue reading H.R.4646 — 1% tax on all transactions at any financial institution