H. R. 4646 One percent transaction tax is proposed

[Don Paul]

YOU CAN'T FIX STUPID

BUT YOU CAN VOTE IT OUT..

SAVE AMERICA

RE-ELECT NO ONE IN 2010

> H. R. 4646 Debt Free America

>

> I have gone into THOMAS (Library of Congress) and printed out and read all 15 pages of this bill which has been given the "Short Title" of "Debt Free America Act."

>

> It is the most socialistic thing I have ever read. Just think, if you deposit $5,000.00 into your checking account or savings account the bank has to take out 1% or $50.00 of that money and send it to Washington. Then, any checks or cash you take out of your bank they will deduct 1% from what is still in the bank and send it to Washington. Total put in the Bank $5,000.00. $100.00 of that, you give to Washington.

>

> This bill, spells it out that everyone will pay the Federl Government 1% of their gross income, in addition to the new higher personal income tax rates! And all the new banking 'fees' that OBAMA AND DEMOCRATS have forced onto banks, that the banks have passed along to us, the banks customers!

>

> 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.

>

> SEND THIS TO EVERYONE YOU KNOW AND EVERYONE NEEDS TO CONTACT THEIR CONGRESSMAN AND SENATOR AND TELL THEM TO VOTE NO ON THIS BILL.

>

> If you don't know who your Congressman or Senator is, go to Google, type in "(your state) Congressman email address". When it comes up, click on "Complete E-mail address for Congress/House, Senate, Governors and get both e-mail and FAX info.

>

> 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!

>

> OBAMA AND DEMOCRATS' finance teams are 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 will ADD UP

>

> http://www.standard.net/node/44797

>

> http://www.snopes.com/politics/taxes/debtfree.asp

[rob9163]

After some research I found this on snopes.com

-To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals

-SEC. 2. FINDINGS; PURPOSES.

(a) Findings- The Congress finds the following:

(1) The current tax structure creates economic distortions that limit growth and job creation.

(2) The estimated cost of compliance to taxpayers is five billion hours and approximately $200 billion.

(3) Restructuring the tax code will promote economic prosperity.

(4) Replacing existing Federal taxes with a fee on transactions eliminates systemic inefficiency that plagues the current tax code.

(5) The United States, from its beginning in 1790 to the present, has been free of a national debt for only two years, 1834 and 1835.

(6) The national debt has grown from $75.5 million in 1790 to $5.8 trillion in 2008.

(7) Expressed as a percentage of gross domestic product (GDP), the national debt reached a high of 108.6 percent of GDP in 1946.

(8) After 1946, the national debt as a percentage of GDP declined, reaching a low of 32.5 percent in 1981.

(9) The large budget deficits of the 1980s and 1990s reversed this trend and pushed the percentage to another high of 49.5 percent in 1993.

(10) The Federal budget surpluses from fiscal year 1998 to fiscal year 2001 were used to retire a portion of the publicly held national debt.

(11) Between fiscal year 1997 and fiscal year 2001, the publicly held portion of the national debt declined by more than $400 billion.

(12) Since fiscal year 2002, a return to budget deficits has caused the debt to grow again.

The first notation is from the beginning of the bill and specifically mentions replacing income tax as well as Sec. 2 Line 4 where is mentions replacing Federal Taxes with this tax. I have not done a lot of research on this so far so I cannot judge the merits of this bill...but your initial presentation appears to be flawed based on snopes.com.

[cgbrown]

So, does this replace the Federal Income tax , or is this in addition to the FIT.

If it replaces it, would it bring in enough money to run the government and retire the debt.

If Not replacing,,,,,, would this entire amount of money be used to retire the national debt and then be elimated when the debt is gone.

Of course not.

[ajskj]

So, does this replace the Federal Income tax , or is this in addition to the FIT.

If it replaces it, would it bring in enough money to run the government and retire the debt.

If Not replacing,,,,,, would this entire amount of money be used to retire the national debt and then be elimated when the debt is gone.

Of course not.

It's not going to do anything. It's like the fourth version of this bill that one guy has written, not gotten a cosponsor, and it has languished n committee each time it is brought up. It has as much chance of becoming a law as Pee Wee Herman does of becoming President.

And it has nothing to do with Obama or his Finance Commission.