Get ready for some Taxes.......

[FishMan1969]

Just wanted to address the potential two taxes that may have an impact on all of us: (it is my understanding that neither have passed yet, but still have time according to the last report)....

`Subchapter C--Currency Transactions

`Sec. 4475. Currency transactions.

`SEC. 4475. CURRENCY TRANSACTIONS.

`(a) In General- There is hereby imposed a tax on each currency transaction made by, or on behalf of, a United States person.

`© Amount of Tax-

`(1) IN GENERAL- The amount of the tax imposed under subsection (a) with respect to any currency transaction shall be equal to 0.005 percent of the value of the currency acquired in the transaction.

THIS tax is negligible .... If you profit 100 million USD, your tax would be:

$100,000,000.00 x .00005 = $5000.00 currency transaction tax

or

$1,000,000.00 x .00005 = 50.00 So 50.00 per million, Big deal....

If it passes, means very little to each person, but adds up amongst all daily normal transactions plus the windfall transactions of the Dinar investment.

`(d) Currency Transaction- For purposes of this section--

`(1) IN GENERAL- The term `currency transaction' means--

`(A) the exchange of any currency for another currency, and

`( entering into any currency derivative.

Link: http://www.itulip.com/forums/showthread.php/16381-Currency-controls-on-the-way!

The bank transaction fee may also be introduced as well which is 1% on all bank transactions..... (THIS IS THE BIG ONE, affecting everyone with a bank account)

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, no new taxes......really, seriously.....

H. R. 4646

This bill, spells it out that everyone will pay the Government 1% of their gross income DEPOSITED IN ANY BANK OR FINANCIAL INSTITUTION. 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

http://www.godlikepr....age1224454/pg6

[p300pin]

Thanks for the post fishman very informative

[retminded]

NOT looking forward to this....we are taxed WAY TOO MUCH as it is...depressing to work so hard and have SO MUCH LESS!!!

Thanks for posting FishMan

[jercache]

I guess they feel that withholding fed tax, state tax, medicare, social security, but now want an additional 1%, geez they gonna leave me with anything!

[Soldiering4U]

Man I can't stand this guy (Obama) he is full of double talk and hot air the bad part is I work for him...

[tim5400]

Ok Folkshere we go again...elections have consequences that directly relate to our wallets.....we once again are cheated by the double tongues (Eastwood Movie )and our only recourse is to vote in people that truely have the peoples interests as part of their agendas not the governments IMO

[Jan]

Thats just out and out stealing..........It won't be long and we can go to any 3rd world country and not know we left the US. It seems our great country is slipping fast. Sad.....JMHO Jan

[Russ63]

Man I can't stand this guy (Obama) he is full of double talk and hot air the bad part is I work for him...

I dont claim him as my commander n chief.

[FishMan1969]

I guess they feel that withholding fed tax, state tax, medicare, social security, but now want an additional 1%, geez they gonna leave me with anything!

I didn't even mention the TOBIN tax which has been proposed for a long time..... The IMF wants a tax on Currency exchanges as well...

link http://en.wikipedia.org/wiki/Tobin_tax

When James Tobin was interviewed by Der Spiegel in 2001, the tax rate he suggested was 0.5%

[Uncle Barkie]

To me this is just out and out double dipping , especially when it comes to payroll deposits ! They tax your income then they tax you when you deposit it ,then when you remove it ! When does it end ?

Uncle Barkie

[spainboy]

]What’s the danger or tax implication in offshore account? This tax stuff is a huge chunk of change…[/size]

[Peace]

If your interested in offshore banking check out the "Sovereign Society". Specifically Robert Bauman, he's the commentator for offshore accounts.