H.R. 4646 - Debt Free America Act

[KillShot]

I just received this via email and thought I'd share it with you all. I did a search for this topic and found nothing so if this is a repost, please let me know and delete. I heard about this on Neil Bortz several weeks ago.

This bill, spells it out that everyone will pay the Government 1% of their
gross income. Page 9 states the House and Senate shall convene not later
than November 23, 2010 and Page 11 states the vote on passage shall occur
not later than December 23, 2010.

The bill is HR.-4646 introduced by US Rep Peter DeFazio D-Oregon and US
Senator Tom Harkin D-Iowa. It is now in committee and will probably not be
brought out until after the Nov. elections. Suggest that you pass this along
and also to your state senator and representative and US Congressman and
Senators.

One percent transaction tax is proposed
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.
<http://www.standard.net/node/44797> http://www.standard.net/node/44797

1. snopes.com: Debt Free America Act
<http://www.snopes.com/politics/taxes/debtfree.asp> ...
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, 19 Oct 2010 11:26:49 GMT
http://www.snopes.com/politics/taxes/debtfree.asp

Comments from the sender:

This bill is exactly why I have such a hard time understanding the political bent of my liberal friends. How could anyone with half a brain think this is a good idea for ANY American citizen, let alone our economy?

I wish I had the financial intellect to be able to calculate the overall effect HR4646 will have on our economy. This "1% tax" has a potential of impeding production, sales, jobs, etc. at a much higher level. You know it is going to travel far beyond credit cards, bank deposits and check cashing. It will force folks to deal in cash, under the table, and barter, or go without. Those businesses who can afford to, will just move to another country; many who can't will fold or go underground. You think the IRS is aggressive now, just wait.

This tax will take 1% of every documented financial transaction in the U.S. When a manufacturer buys material, sells product to the wholesaler, wholesaler sells to the dealer, dealer sells to the public, public uses a credit card to purchase, public writes a check to pay for the credit card bill, etc. Every one of these transactions will have a burden of the "1%" tax added to it, the cumulative effect is devastating and will drive up the cost of EVERYTHING. Think inflation is going to be bad? YOU BET IT IS!! So much for helping the "Little Guy" . . . what a crock of Obama this is. Those with the least will suffer the most and will surely widen the gap between the "haves" and the "have not's".

The Democrats are trying to sell this as a "soft tax", that it's presence won't be blatant. Basically, it is just a copy of the Value Added Tax that burdens Canada (I think it's between 12 - 14%). The VAT is added to the product at it's origin and of course follows the product through each change of hands to the consumer. A large manufacturer that has his own raw material and sells directly to the public has the advantage as there will be less accumulated tax. Again, the Democrats are trying to sell HR4646 as a tax that is designed to eliminate personal income tax by the year 2017. Even if you believe that's true, there will be an overlap until that time where we will be paying both taxes. You can surely trust your government from it's past practice that is gonna happen, ya right. When was the last time that Congress kept it's word on repealing a "Temporary" tax? NEVER!!

One of the few benefits of our current income tax system is the incentive to spend money (for whatever purpose) to get tax write-offs. Every dollar spent benefits someone downstream. Keeping the dollar in motion is what our economy is based on. You can bet the farm that The Obama, Reid, Pelosi and the rest of the spend it like you had it crowd will undoubtedly try to shove HR4646 up our wazoos before the newly elected House members can take office.

I hate tax of any kind but I know there is no "free ride", we have to fund our government in order to maintain our society as we would like it to be. But make no bones about it, we do NOT need this tax, we need less government spending.

 

[Perrone]

I saw the word tax and stopped reading. Don't they make enough from us how it is?

 

[jbarnett]

I saw the word tax and stopped reading. Don't they make enough from us how it is?

They get plenty but they won't be happy until they get it all.

 

[Perrone]

They get plenty but they won't be happy until they get it all.

Apparently. I already have to skip paying certain bills a lot because of crap like this. They won't be happy until I'm bankrupt.

 

[LtCCMPUnit42]

They get plenty but they won't be happy until they get it all.

I'm afraid Mr. Barnett is right, they won't quit untill we say "enough".

 

[Glocktogo]

If this is true, then it doesn't stand a chance in hell of getting out of committee. How would the .gov justify propping up the fiscal irresponsibility of mega-banks with billions of dollars, only to turn around and sink the entire financial system with an arbitrary tax? Would you want your paycheck to be deposited in a bank if you were going to be penalized for doing so? Are businesses going to set up cash payroll disbursment offices in every location? Hardly. The security requirements alone would be mind boggling.

DeFazio and Harkin are insane if they think this is going to fly. Of course, most of Congress looks pretty insane these days!

 

[vvvvvvv]

Still in the House Appropriations Committee... been there since February 23.

Your email has the sponsors wrong. It was introduced by Rep. Chaka Fattah (D-PA) and has no cosponsors.

It does not appear to have a companion bill in the Senate.

Here ya go

 

[NikatKimber]

DeFazio and Harkin are insane if they think this is going to fly.

You say that as if sanity were the norm for our elected reps.

 

[vvvvvvv]

You say that as if sanity were the norm for our elected reps.

Or those who elect them.

 

[KillShot]

Still in the House Appropriations Committee... been there since February 23.

Your email has the sponsors wrong. It was introduced by Rep. Chaka Fattah (D-PA) and has no cosponsors.

It does not appear to have a companion bill in the Senate.

Here ya go

Thanks for info and correction.