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In Response to More change - 1% tax on all bank transactions by kerijay
H.R.4646 -- 1% tax on all transactions at any financial institution
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:
SEC. 4501. IMPOSITION OF TRANSACTION FEE.
`(a) In General- There is hereby imposed on every specified transaction a fee in an amount equal to 1 percent of the amount of such transaction.
`(b) Specified Transaction- For purposes of this chapter–
`(1) IN GENERAL- The term `specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.
`(2) TRANSACTION- The term `transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.
`(c) Liability for Fee- Persons become liable for the fee at the moment the person exercises control over a piece of property or service, regardless of the payment method.
`(d) Collection- The fees will be collected by the seller or financial institution servicing the transaction and shall be paid over to the Secretary. In the case of a person who fails to collect and pay over the fee as required under this subsection, such person shall become liable for the fee not so collected and paid over.
`(e) Potential Exclusions- Subsection (a) shall not apply to transactions involving stock (and any options or derivatives with respect to stock) until–
`(1) such time as the United States enters into an international agreement that regulates domestic and international stock exchanges, or
`(2) the Secretary issues recommendations regarding the application of the fee as it applies to stock.
`(f) Regulations- The (UNELECTED) Secretary (BUREAUCRATS) shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including regulations or other guidance which require reporting of such information as the Secretary determines appropriate to prevent under reporting of the amounts on which a fee is imposed by this section.’.
America: A Debt Free Future
Penny-on-the-Dollar Transaction Fee Will Eliminate the National Debt
Washington DC, Feb. 23 — Congressman Chaka Fattah (D-PA) today introduced legislation that calls for a penny on every dollar on transactions in the United States economy to be directed to eliminating America’s national debt.
The Debt Free America Act offers a dramatic but simple new approach to paying off the debt now escalating past the $12 trillion mark. The breakthrough legislation proposes a 1 percent fee to be levied on all payment instruments including cash transactions, checks, credit cards, those processed through the Federal Reserve Bank, and those collected at the point of sale.