1% TAX ON BANK TRANSACTIONS

[robear]

ON JANUARY 1 ST 2012, THE GOVERNMENT IS REQUIRING EVERYONE TO HAVE DIRECT DEPOSIT FOR SS CHECKS.

WONDER WHY?

1% tax on all bank transactions HR4646

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! I sure hope this dies!!!!!

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.

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, if 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 on year's banking statements. Then add the total of all those transactions and deduct 1%. Still think it's no big deal?

-- "A government big enough to give you everything you want is also big enough to take away everything you have." - Barry Goldwater

--

Alvin Seay

Elder

Community of Christ

[fnbplanet]

The lame-duck-to-be President does not possess the power to levy a tax. It would never, never pass through the (to be even more) Republican House, or the (soon-to-be) Republican Senate. Never happen.

[Luigi1]

This is part of the Al Gore-Nancy Pelosi hidden tax on consumers woked out in an agreement as part of the bank bailouts under the Stimulus in 09. This is but one of several hidden fees or stealth tax to be phased in over the next few years.

The taxpayers will be paying for the Stimulus, the bank bailouts, Wall Street bailouts & UAW Teacher's Pension Funds bailouts many times over in new hidden charges.

[perk4855]

Here is the rest of the story: (please read the Analysis)

H.R. 4646: Email claims President Obama's finance team plans to impose a 1% transaction tax on all transactions at financial institutions, including bank deposits.

Description: Email rumor

Circulating since: Aug. 2010

Status: Mostly false (see details below)

Email: text contributed by Julie P., Sep. 8, 2010:

Fw: 1% tax on all bank transactions.

I checked this with Snopes, who said it's true......

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. remember once the tax is there they can raise it at will.

Analysis: Quite misleading. It's true (as of this writing) that there's a bill in the House of Representatives, the Debt Free America Act (H.R. 1125), which would impose a one percent tax on certain financial transactions if passed, and it's also true that the bill was introduced by a Democrat, Rep. Chaka Fattah of Pennsylvania (who introduced more or less the same legislation in 2010 as H.R. 4646).

However, the legislation has zero co-sponsors, nor has it ever been acknowledged, let alone endorsed or supported, by anyone in the Obama administration.

Moreover, contrary to what is repeatedly claimed in the email, under the proposed legislation personal bank deposits would not be subject to subject to the tax. Section 4501((2) of the current version of the bill reads as follows:

EXCEPTIONS- The term ‘specified transaction’ shall not include--

(A) any transfer between accounts of the taxpayer, and

( any deposit into a personal account of an individual.

Like all previous iterations of the Debt Free America Act, the 2011 version isn't expected to be voted on, let alone passed by Congress.