Sunday, September 19, 2010

1% TRANSACTION TAX - Beginning of European Socialist Style Valued Added Tax

This is an email I received September 19, 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. I suggest that you pass this along and also contact your State senator and representative along with your US Congressman and Senators.

President Obama's plan is to sneak this 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 or transfer you make, or even move around within your account, 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 dime of new tax. Keep your
eyes and ears open.

Some will say aw it's just 1%... remember once the tax is there they can
raise it at will.

The bill was introduced in the House by Chaka Fattah,(D-PA 2nd) and went to committees for action on 2/23/10. It is related to the Senate Bill S.2965, introduced by Sen. John Ensign (NV), S.10 introduced by Sen. Harry Reid (NV) and S.2853 introduced by Sen. Conrad Kent (ND). These Senate bills mostly are concerned with the establishment of another federal agency which reports to the President,
the Vice President and Speaker of the House and various other leaders of both
chambers on the nation's long-term fiscal imbalances.

The gist of HR-4646 is as stated above - a 1% tax on all transactions using a payment instrument, including any check, cash, credit card, transfer of stock, bonds or other financial instrument. It also provides for a phasing out of the
individual income tax and is offset by a nonrefundable income tax credit, so what
you pay in the 1% fee will be a deductible item only up to the extent it does
not exceed your income tax liability....very clever these politicians,
giving with one hand and taking away with the other, or in this case with

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