TAX LAW H.R.755

[Gibbs427]

I just found this on another site.

Some have tried to debunk news of an additional tax on the IQD RV BUT, here is the ruling/law that our GOV seems to have in motion.

IMMEDIATE ACTION would be required in order to squash this effort to increase our taxation.

H.R.755 -- Investing in Our Future Act of 2011 (Introduced in House - IH)

Posted Today, 10:40 PM

This email was sent to me and thought I would share with everyone. I do not know if it was posted earlier or not. Mindy

Here is something that I came across today and not to happy about and I know you wont be either. There is a bill introduced in the US House of Reps H.R 755 that if passed will put an additional flat rate tax of 15% that would be paid on cash out. This is addition to capital gains tax which is either 15% or 35% depending on how long you have held the investment. So if this bill passes and you cash out before you have held it 1 year 50% is taxed. Below is some links to find your local congressman and get upset and outraged that this is happening right under our eyes.

This is very important - and we need YOU to call now -

and refer to the below BILL ..... everyone needs to call tonight !

http://www.conservat...g/mega-cong.htm

http://thomas.loc.go...112:H.R.755.IH:

call now to stop additional tax on DINAR CURRENCY after cash out

it will be over 50% tax if this is passed

and we believe this is holding up the rate change

and the revalue

H.R.755 -- Investing in Our Future Act of 2011 (Introduced in House - IH)

To amend the Internal Revenue Code of 1986 to impose an excise tax on currency transactions.

Just call the office and then call your Congress person/Senators ----- telling them the following:

I have been informed and there is a lot of discussion that the two Houses of Congress are presently entertaining Legislation that would raise taxes on people who have invested in foreign currency as much as 15% additional effective immediately. If this is true, you Sir/Madam can be assured that this WILL become a major issue in the next election. In December you voted through an extension of the Bush Tax cuts and most of you were elected in November because you stated "No New Taxes". If this RUMOR is true and you vote to increase taxes (PENALIZE) on the American People who took the risk of investing in foreign currency there will be no where you can hide from your vote and BETRAYAL of the American People. We will expose you and vote you out of office period. To even think such a thing is an out right betrayal to the people who elected you and who you represent.

Thank you.

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H.R.755

Latest Title: Investing in Our Future Act of 2011

Sponsor: Rep Stark, Fortney Pete [CA-13] (introduced 2/17/2011) Cosponsors (4)

Latest Major Action: 2/17/2011 Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

________________________________________

COSPONSORS(4), ALPHABETICAL [followed by Cosponsors withdrawn]: (Sort: by date)

Rep Conyers, John, Jr. [MI-14] - 3/1/2011

Rep Filner, Bob [CA-51] - 2/17/2011

Rep Jackson, Jesse L., Jr. [iL-2] - 2/17/2011

Rep Lee, Barbara [CA-9] - 2/17/2011

[williamromeo]

These links don't work. Do you have a proper link?

[Longhorns]

I have held mine longer than a year because I don't get sucked in on the pump. So what does that make my tax rate? Just 35%. If I get 3.50 to 1 dinar, I'll be ok with that considering the 23 trillion dollar debt we are in, which by the way isn't the American people's fault. It's the damn evil corporate schills, embezzlers, crooks, thiefs, liars, scumbags that we call the politicians. But I guess it is our fault because we elected them, didn't we?

[Xuk]

This bill was introduced on January 31, 2007. It passed the house but was never voted in the Senate.

I cannot find anything new on this bill. The links do not work for me as well.

This bill never became law. This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books. Members often reintroduce bills that did not come up for debate under a new number in the next session.

[Gibbs427]

I just googled this and here is what I found:

HR 755 IH

112th CONGRESS

1st Session

H. R. 755

To amend the Internal Revenue Code of 1986 to impose an excise tax on currency transactions.

IN THE HOUSE OF REPRESENTATIVES

February 17, 2011

Mr. STARK (for himself, Mr. JACKSON of Illinois, Ms. LEE of California, and Mr. FILNER) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To amend the Internal Revenue Code of 1986 to impose an excise tax on currency transactions.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE; FINDINGS.

a Short Title- This Act may be cited as the ‘Investing in Our Future Act of 2011’.

B Findings- Congress finds the following:

1 While Wall Street continues to reap massive profits, the 2008 global economic crisis they helped cause has destabilized economies and impacted the budgets of the United States and impoverished nations, compromising the ability of governments to address pressing needs.

2 The scope of the financial crisis distorted our national deficit. The Congressional Budget Office estimates that Federal deficit spending is now at a record $1.5 trillion.

3 Millions of people around the world have been pushed into poverty because of the global financial crisis, through no fault of their own.

4 The impacts of climate change, disease, and ill health undermine the economies of developing nations and their ability to contribute to a secure, stable world.

5 Predictable, adequate, sustainable, long-term, public funding to address global health and climate change in developing countries at the scale needed does not currently exist but it is urgently needed.

6 Cutting vital domestic programs such as education, health care, and nutrition assistance to reduce the national debt will have a harmful impact on the long-term prosperity of the country. Alternative revenue generating mechanisms must be considered to reduce the national debt and meet international development and climate needs.

7 The financial institutions that caused the financial crisis should play a significant role in providing funds that will help developing countries mitigate and adapt to climate change, fight global HIV/AIDS, improve maternal and child health in impoverished nations, and reduce the national deficit.

8 Currency speculation by financial institutions has destabilizing impacts on the real economy and can contribute to financial crises.

9 In 2008, $4 trillion in daily currency transactions were undertaken, nearly 80 percent of which by a few major banks, without taxation.

10 A tax on the currency market would be paid by these same banks that caused the financial crisis and would generate funds to help reduce our deficit.

11 A small levy on currency would curb some speculative transactions, bringing greater stability into the currency market.

12 Collection of a small tax would not disrupt legitimate trading in the currency trading markets and would have no significant impact on individual travelers or United States corporations doing business.

13 The Secretary of State, Secretary of the Treasury, and the nations in the Organization for Economic Cooperation and Development should work together to implement a broader currency transaction tax to reduce the Federal deficit and fund global health, poverty, and climate change initiatives.

SEC. 2. EXCISE TAX ON CURRENCY TRANSACTIONS.

a In General- Chapter 36 of the Internal Revenue Code of 1986 is amended by inserting after subchapter B the following new subchapter:

‘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.

b Exception for Low-Value Transactions-

1 IN GENERAL- Subsection (a) shall not apply to any currency transaction made by, or on behalf of, a United States person, if the aggregate value of the currencies acquired by such person in all such transactions made during the calendar year does not exceed $10,000.

2 COORDINATION WITH WITHHOLDING RULES- Subsection (e)(2) shall not apply to any currency transaction unless the value of the currency acquired by the United States person in such transaction exceeds $10,000. The preceding sentence shall not apply if the person who facilitates such currency transaction knows, or has reason to know, that the exception provided by paragraph (1) does not apply to such transaction.

c 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.

2 SPECIAL RULE FOR CURRENCY DERIVATIVES- In the case of any currency derivative, the value of the currency acquired in the transaction shall be treated for purposes of this section as being equal to--

a in the case of a forward contract, the value of the currency purchased or sold forward,

b in the case of a notional principal contract, the value of the notional principal amount of the contract,

c in the case of an option, the value of the currency that would be acquired in the event the option were exercised, and

d in the case of any other currency derivative, the value as determined by the Secretary.

3 VALUATION OF CURRENCY- For purposes of this section, the valuation of any currency shall be determined in the taxpayer’s functional currency (within the meaning of section 985) at the spot rate on the date of the transaction.

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

b entering into any currency derivative.

2 CURRENCY DERIVATIVE- The term ‘currency derivative’ means--

‘a any currency notional principal contract, and

b any option, forward contract, short position, hedge, or similar financial instrument with respect to any currency or currency notional principal contract.

‘e Liability for Tax; Withholding-

1 LIABILITY FOR TAX- The tax imposed under subsection (a) with respect to any currency transaction shall be paid by the United States person referred to in subsection (a). Such person shall be allowed a credit against such tax in the amount withheld as tax under paragraph (2) with respect to such transaction.

2 WITHHOLDING BY CURRENCY TRANSACTION FACILITATORS-

a IN GENERAL- Except as provided in subparagraph (, each United States person which facilitates a currency transaction by, or on behalf of, a United States person shall deduct and withhold from the amount involved in such transaction a tax equal to the amount of the tax imposed under section 4475 with respect to such transaction.

b AMOUNTS WITHHELD ONLY ONCE- The Secretary shall prescribe regulations or other guidance to ensure that only one United States person deducts and withholds the amount described in subparagraph (A) with respect to each currency transaction. Such regulations or other guidance shall (subject to such exceptions as the Secretary may prescribe) require--

i in the case of a currency transaction which is confirmed and matched by a United States person, that such person so deduct and withhold such amount, and

ii in the case of a currency transaction not described in clause (i) which is settled by a United States person, that such person so deduct and withhold such amount.

3 COORDINATION WITH OTHER SECTIONS- For purposes of so much of subtitle F (other than section 7205) as relates to chapter 24, amounts which are subject to withholding under paragraph (2) shall be treated as if they were wages paid by an employer to an employee (and amounts deducted and withheld under paragraph (2) shall be treated as if deducted and withheld under section 3402).

fApplication to Expanded Affiliated Groups-

1 IN GENERAL- For purposes of this section, all members of the same expanded affiliated group shall be treated as one person for purposes of this section.

2 EXPANDED AFFILIATED GROUP- For purposes of this subsection, the term ‘expanded affiliated group’ means an affiliated group as defined in section 1504(a), determined--

a by substituting ‘more than 50 percent’ for ‘at least 80 percent’ each place it appears, and

b without regard to paragraphs (2) and (3) of section 1504(.

A partnership or any other entity (other than a corporation) shall be treated as a member of an expanded affiliated group if such entity is controlled (within the meaning of section 954(d)(3)) by members of such group (including any entity treated as a member of such group by reason of this sentence).’.

b Clerical Amendment- The table of subchapters for chapter 36 of such Code is amended by inserting after the item relating to subchapter B the following new item:

‘subchapter c. currency transactions’.

c Effective Date- The amendments made by this section shall apply to transactions after December 31, 2011.

SEC. 3. FUNDING FOR CHILD CARE.

a Child Care Assistance Trust Fund-

1 IN GENERAL- There is established in the Treasury of the United States a trust fund to be known as the ‘Child Care Assistance Trust Fund’, consisting of such amounts as may be appropriated or credited to the Child Care Assistance Trust Fund as provided in this section.

2 Care Assistance Trust Fund, out of any money in the Treasury not otherwise appropriated, amounts equivalent to 10 percent of the taxes received in the Treasury under section 4475 of the Internal Revenue Code of 1986.

3 EXPENDITURES FROM TRUST FUND- Amounts in the Child Care Assistance Trust Fund shall be available, as provided by appropriation Acts, for making expenditures to carry out subsection (.

4 MANAGEMENT OF TRUST FUND- For purposes of subchapter B of chapter 98 of the Internal Revenue Code of 1986, the provisions of this subsection shall be treated as provisions of subchapter A of such chapter.

b Child Care Assistance Grants-

1 IN GENERAL- Any appropriation under subsection (a)(3) from the Child Care Assistance Trust Fund shall be allocated among the States as an increase in the amount determined under section 418(a)(1) of the Social Security Act in the same proportion as the amount determined under such section with respect to such State (determined without regard to this subsection) bears to the aggregate amounts so determined with respect to all of the States.

2 FUNDING TO BE ADDITIONAL- It is the sense of the Congress that amounts made available under this subsection shall be in addition to (and shall not be a replacement for) other funding for child care assistance.

SEC. 4. MULTILATERAL GLOBAL HEALTH PROGRAMS.

(a) Multilateral Global Health Trust Fund-

1 IN GENERAL- There is established in the Treasury of the United States a trust fund to be known as the ‘Multilateral Global Health Trust Fund’, consisting of such amounts as may be appropriated or credited to the Multilateral Global Health Trust Fund as provided in this section.

2 TRANSFER TO TRUST FUND OF AMOUNTS EQUIVALENT TO CERTAIN TAXES- There are hereby appropriated to the Multilateral Global Health Trust Fund, out of any money in the Treasury not otherwise appropriated, amounts equivalent to 25 percent of the taxes received in the Treasury under section 4475 of the Internal Revenue Code of 1986.

3 EXPENDITURES FROM TRUST FUND- Amounts in the Multilateral Global Health Trust Fund shall be available, as provided by appropriation Acts, for making expenditures to carry out subsection (.

4 MANAGEMENT OF TRUST FUND- For purposes of subchapter B of chapter 98 of the Internal Revenue Code of 1986, the provisions of this subsection shall be treated as provisions of subchapter A of such chapter.

b Multilateral Global Health Grant Program-

1 IN GENERAL- The Secretary of State shall make grants to assist developing countries in addressing HIV/AIDS, tuberculosis, malaria, maternal mortality, family planning, neglected diseases, and other health issues affecting developing countries.

2 ELIGIBILITY FOR GRANTS- Grants under paragraph (1) may be made to--

a the Global Fund to Fight AIDS, Tuberculosis and Malaria to provide grants described in paragraph (1), and

b other multilateral health funding mechanisms which the Secretary certifies--

i provide a significant majority of their total funding to programs in the form of grants,

ii include independent and external technical review of programs in the awarding of funding,

iii include governance structures that involve donor governments, implementing governments, civil society, and affected communities as equal decisionmakers,

iv provide funding based on plans developed by implementing countries through country-level processes that include equal and meaningful involvement of civil society and impacted communities,

v require measures of performance of all projects and formal mechanisms that condition continued financing on successful performance and outcomes, and

vi include mechanisms for strict financial accountability and provides transparency of all decisions, evaluations, and finances through publically accessible documents.

3 (and shall not be a replacement for) other funding for global health initiatives in developing countries.

SEC. 5. GLOBAL CLIMATE CHANGE ADAPTATION AND MITIGATION.

a Global Climate Change Adaptation and Mitigation Trust Fund-

1 IN GENERAL- There is established in the Treasury of the United States a trust fund to be known as the ‘Global Climate Change Adaptation and Mitigation Trust Fund’, consisting of such amounts as may be appropriated or credited to the Global Climate Change Adaptation and Mitigation Trust Fund as provided in this section.

2TRANSFER TO TRUST FUND OF AMOUNTS EQUIVALENT TO CERTAIN TAXES- There are hereby appropriated to the Global Climate Change Adaptation and Mitigation Trust Fund, out of any money in the Treasury not otherwise appropriated, amounts equivalent to 25 percent of the taxes received in the Treasury under section 4475 of the Internal Revenue Code of 1986.

3 EXPENDITURES FROM TRUST FUND- Amounts in the Global Climate Change Adaptation and Mitigation Trust Fund shall be available, as provided by appropriation Acts, for making expenditures to carry out subsection (.

4 MANAGEMENT OF TRUST FUND- For purposes of subchapter B of chapter 98 of the Internal Revenue Code of 1986, the provisions of this subsection shall be treated as provisions of subchapter A of such chapter.

b Global Climate Change Adaptation and Mitigation Program-

1 IN GENERAL- Any appropriation under subsection (a)(3) from the Global Climate Change Adaptation and Mitigation Trust Fund shall be made for contributions to the Green Climate Fund, and the Adaptation Fund, established pursuant to the United Nations Framework Convention on Climate Change (UNFCCC).

2 FUNDING TO BE ADDITIONAL- It is the sense of the Congress that contributions made under this subsection shall be in addition to (and shall not be a replacement for) other funding for global climate change adaptation and mitigation initiatives in developing countries.

SEC. 6. DEFICIT REDUCTION.

The amount of taxes received in the Treasury under section 4475 of the Internal Revenue Code of 1986 (reduced by amounts appropriated under sections 3, 4, and 5) shall be used for deficit reduction, except that in the case of a fiscal year for which there is no Federal budget deficit, such amount shall be used to reduce the Federal debt (in such manner as the Secretary of the Treasury considers appropriate).

My link

[Bigboy0854]

I found a link that addresses the bill. The tax is minimal:

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.

Say the reval is 1 to 1 and you own 2 million dinar then .005 percent on 2 million equals $100.

Here is the link:

http://thomas.loc.gov/cgi-bin/query/z?c112:H.R.755:

[LaGrange]

Yeah, best I can remember-this was struck down or died in commitee.

[Gibbs427]

These links don't work. Do you have a proper link?

The links are in the article, AS I COPIED IT FROM ANOTHER SITE sir, they are NOT my links.

[Hamels]

If all of the IN THE KNOW people are higher ups, why would they tax themselves????....makes no sense to me

[Gibbs427]

Googled H.R.755

What I read was that it's a .005% tax.

Though I don't agree with any addtional taxes, I also don't agree with fear mongering either.

The article claimed a taxation of 50%.

I too googled this to try to find out more and/or confirm.

Understand that I do not proclaim this as gospel, I am only attempting to bring to our attention what COULD be potentially harmful to us as investors.

If what is claimed is true, it would most certainly be the subject of immediate action by citizens to squash this.

[LaGrange]

Plus, with the shape of the economy there is no way something like this could grow legs.

[tankdude]

I'm a newbie - been lurking here for a while and have a moderate investment in the Dinar. Also an Iraq veteran (OIF 4 - 5), current National Guard soldier and practicing Christian (I say practicing because I hope to one day get it right *lol*) So - " 'nuff said" about my background info.

I saw this and had to track down the info - I'm pretty decent at web research.

Here is a link to the current bill - which is currently sittin in committee. http://www.govtrack.us/congress/billtext.xpd?bill=h112-755

A quick quote of the meat an potatos of the bill -

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.

‘( Exception for Low-Value Transactions-

‘(1) IN GENERAL- Subsection (a) shall not apply to any currency transaction made by, or on behalf of, a United States person, if the aggregate value of the currencies acquired by such person in all such transactions made during the calendar year does not exceed $10,000.

‘(2) COORDINATION WITH WITHHOLDING RULES- Subsection (e)(2) shall not apply to any currency transaction unless the value of the currency acquired by the United States person in such transaction exceeds $10,000. The preceding sentence shall not apply if the person who facilitates such currency transaction knows, or has reason to know, that the exception provided by paragraph (1) does not apply to such transaction.

‘© 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.'

To me that looks line an effective tax rate of 0.5% - unless I'm way off on my math ( I've been known to be!)

[LaGrange]

I'm a newbie - been lurking here for a while and have a moderate investment in the Dinar. Also an Iraq veteran (OIF 4 - 5), current National Guard soldier and practicing Christian (I say practicing because I hope to one day get it right *lol*) So - " 'nuff said" about my background info.

I saw this and had to track down the info - I'm pretty decent at web research.

Here is a link to the current bill - which is currently sittin in committee. http://www.govtrack.us/congress/billtext.xpd?bill=h112-755

A quick quote of the meat an potatos of the bill -

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.

‘( Exception for Low-Value Transactions-

‘(1) IN GENERAL- Subsection (a) shall not apply to any currency transaction made by, or on behalf of, a United States person, if the aggregate value of the currencies acquired by such person in all such transactions made during the calendar year does not exceed $10,000.

‘(2) COORDINATION WITH WITHHOLDING RULES- Subsection (e)(2) shall not apply to any currency transaction unless the value of the currency acquired by the United States person in such transaction exceeds $10,000. The preceding sentence shall not apply if the person who facilitates such currency transaction knows, or has reason to know, that the exception provided by paragraph (1) does not apply to such transaction.

‘© 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.'

To me that looks line an effective tax rate of 0.5% - unless I'm way off on my math ( I've been known to be!)

Thanks for being fast on the draw!

[pleasantvalleySunday]

I'm a newbie - been lurking here for a while and have a moderate investment in the Dinar. Also an Iraq veteran (OIF 4 - 5), current National Guard soldier and practicing Christian (I say practicing because I hope to one day get it right *lol*) So - " 'nuff said" about my background info.

I saw this and had to track down the info - I'm pretty decent at web research.

Here is a link to the current bill - which is currently sittin in committee. http://www.govtrack....d?bill=h112-755

A quick quote of the meat an potatos of the bill -

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.

‘( Exception for Low-Value Transactions-

‘(1) IN GENERAL- Subsection (a) shall not apply to any currency transaction made by, or on behalf of, a United States person, if the aggregate value of the currencies acquired by such person in all such transactions made during the calendar year does not exceed $10,000.

‘(2) COORDINATION WITH WITHHOLDING RULES- Subsection (e)(2) shall not apply to any currency transaction unless the value of the currency acquired by the United States person in such transaction exceeds $10,000. The preceding sentence shall not apply if the person who facilitates such currency transaction knows, or has reason to know, that the exception provided by paragraph (1) does not apply to such transaction.

‘© 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.'

To me that looks line an effective tax rate of 0.5% - unless I'm way off on my math ( I've been known to be!)

thank you for your service and for doing research on all our behalf and WELCOME TO DV!!!

I am also going to change the "alarmist" title DGIBBS =)

pvS

[NATUREBOUND]

HEY BIGBOY0854, THANKS FOR CLEARING THIS UP. I GOT THE SAME THINKING. NOT THAT ANYONE WANTS MORE TAXES TO BE PAID TO OUR WONDERFUL GOVT, WHO CANT SEEM TO PLAY ON A BUDGET, I WOULD RATHER HAVE AN IDEA UP FRONT THAN OF BEING SCUTTLED OUT OF THOUSANDS WITHOUT KNOWING. IS THIS AN ACTUAL LAW, BASED ON CURRENCIES OR STILL A BILL TO BE VOTED ON???? SORRY IF IT IS A REPEAT ??? JUST ASKING AND THEN COULD THIS BE THE POSSIBLE HOLD-UP???? THANKS FOR ANY INPUT FROM OUT THERE, M

[Poseidon]

I do not care anymore just get it done so I can move on.

[Xuk]

I assume this would be applied at the time of the transaction. Plus this bill seems to add to the validity of our investment as it comes at a time that we are expecting an RV.

[LaGrange]

I assume this would be applied at the time of the transaction. Plus this bill seems to add to the validity of our investment as it comes at a time that we are expecting an RV.

I would be surprised if it made it out of the back room and onto the floor.

[margaritaman]

If the RV is a one on one I would be glad to pay the 50% and have a clear conscience instead of figuring out how to cheat the IRS.

[LaGrange]

If the RV is a one on one I would be glad to pay the 50% and have a clear conscience instead of figuring out how to cheat the IRS.

I hear ya on that one, no way am I ever going to cheat on taxes. I plan on paying up front or have a photo taken of me handing a big check to the tax man. lol

Edited June 9, 2011 by LaGrange

[Tea4me]

H.R. 755: Investing in Our Future Act of 2011

http://www.govtrack.us/congress/bill.xpd?bill=h112-755

as it would appear here, would seem to be abandoned.

[tankdude]

I see it as still sitting in front of the House Ways and Means committee -

http://www.govtrack.us/congress/committee.xpd?id=HSWM (Go to page, do a search for 755 and it is still sitting in the Introduced Measures list)

[Eagle007]

OK,

Here is the bill and here is the idiot that started it. I am not sure about the 15% but someone on here understands taxes and might be able to confirm its not .0005 vs 15%.

H.R. 755: Investing in Our Future Act of 2011

112th CongressThis is a bill in the U.S. Congress originating in the House of Representatives ("H.R."). A bill must be passed by both the House and Senate and then be signed by the President before it becomes law.

Bill numbers restart from 1 every two years. Each two-year cycle is called a session of Congress. This bill was created in the 112th Congress, in 2011-2012.

The titles of bills are written by the bill's sponsor and are a part of the legislation itself. GovTrack does not editorialize bill summaries.

2011-2012

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Primary Source

See H.R. 755 on THOMAS for the official source of information on this bill or resolution.

To amend the Internal Revenue Code of 1986 to impose an excise tax on currency transactions.

Overview

Sponsor: Rep. Fortney Stark [D-CA13]show cosponsors (4)

Cosponsors:John Conyers [D-MI14]Bob Filner [D-CA51]Jesse Jackson [D-IL2]Barbara Lee [D-CA9]

Text: Full Text

Status: Introduced Feb 17, 2011

Referred to Committee View Committee Assignments

Reported by Committee ...

House Vote ...

Senate Vote ...

Signed by President ...

This bill is in the first step in the legislative process. Introduced bills and resolutions first go to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills and resolutions never make it out of committee. [Last Updated: Mar 2, 2011 6:15AM]

Last Action: Feb 18, 2011: Sponsor introductory remarks on measure. (CR E262-263)

Related: See the Related Legislation page for other bills related to this one and a list of subject terms that have been applied to this bill. Sometimes the text of one bill or resolution is incorporated into another, and in those cases the original bill or resolution, as it would appear here, would seem to be abandoned.

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here is another link that explains what is happening and I will call a friend that is a lobbist and get an update on status. Thanks for the POST.

What a bunch of crap our money would go too. Look at this list of winners.

Eagle 007

[Crow]

This is why you should NOT vote for democRATS!!!! They are thieves!!

Edited June 9, 2011 by Crow

[Eagle007]

Sorry team pasted the wrong link and no data lets try this one.

H.R. 755 - Investing in Our Future Act of 2011

Date: Feb 17, 2011

Recent Action: Introduced and referred to the House Committee on Ways and Means and the House Committee on Foreign Affairs on February 17, 2011.

Sponsor: Representative Pete Stark (D-CA, 13th)

Cosponsors: As of March 22, 2011,

- Representative John Conyers (D-MI, 14th);

- Representative Bob Filner (D-CA, 51st);

- Representative Jesse Jackson (D-IL, 2nd); and

- Representative Barbara Lee (D-CA, 9th)

Summary: The proposed bill would impose a 0.005% tax on the value of the currency (if greater than $10,000 USD) acquired in a currency exchange transaction. The revenue generated by this tax would be directed to three new trust funds established at the Department of the Treasury: 10% would be directed to a "Child Care Assistance Trust Fund," 25% to a "Multilateral Global Health Trust Fund," and 25% to a "Global Climate Change Adaptation and Mitigation Trust Fund." The remainder would be directed to federal budget deficit reduction or reduction of the federal debt.

The Secretary of State would have authority to provide grants from the Multilateral Global Health Trust Fund to entities such as the Global Fund to Fight AIDS, Tuberculosis and Malaria and other multilateral organizations that meet specific criteria outlined in the bill. The bill also states that funding for the multilateral organizations must be in addition to and not replacing existing funding and should be used for the purposes of "addressing HIV/AIDS, tuberculosis, malaria, maternal mortality, family planning, neglected diseases, and other health issues affecting developing countries."

Additional Information:

Learn more about the bill here.

Read Representative Stark's press release about the bill here.

http://globalhealth.kff.org/Policy-Tracker/Congress/Actions/2011/February/17/HR755-Investing-Future-Act.aspx