- itsame19 wrote:
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Howdy!
One percent transaction tax is proposed
President Obama's finance team is recommending a transaction tax. His plan is to sn ea k it in after the November election to keep it under the ra dar. 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 & party who promised that if you make under $250,000 per year, you will not see one penny of new tax.
Find out more about this b i ll (H.R. 4646): go to { }
Keep your eyes and ears open, you will be amazed at what you can learn ABOUT WHAT they are doing,..TOO US!
H.R. 4646 is called the “Debt Free America Act” - Stated purposes of this Act is the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax.
If you think... tax hikes without spending cuts is going to do anything except further encourage irresponsible spending......than you have not been paying attention to American politics. SEC 4501 IMPOSITION OF TRANSACTION FEE.
‘(a) In General- There is hereby imposed on every specified transaction a fee in an amount equal to 1 percent of the amount of such transaction.
‘(b) Specified Transaction- For purposes of this chapter--
‘(1) IN GENERAL- The term ‘specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.
‘(2) TRANSACTION- The term ‘transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.
‘(c) Liability for Fee- Persons become liable for the fee at the moment the person exercises control over a piece of property or service, regardless of the payment method.
‘(d) Collection- The fees will be collected by the seller or financial institution servicing the transaction and shall be paid over to the Secretary. In the case of a person who fails to collect and pay over the fee as required under this subsection, such person shall become liable for the fee not so collected and paid over.
‘(e) Potential Exclusions- Subsection (a) shall not apply to transactions involving stock (and any options or derivatives with respect to stock) until--
‘(1) such time as the United States enters into an international agreement that regulates domestic and international stock exchanges, or
‘(2) the Secretary issues recommendations regarding the application of the fee as it applies to stock.
‘(f) Regulations- The Secretary shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including regulations or other guidance which require reporting of such information as the Secretary determines appropriate to prevent under reporting of the amounts on which a fee is imposed by this section.’.
(b) Clerical Amendment- The table of chapters for the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36 the following new item:
Now if I reading this right they want to collect a fee when I pay my rent, car bill, utilities, get cash from an ATM, anything ? I believe that to be true..... see 2 (c)-Liability for Fee ..above.
I do not think this will go anywhere as written because of the part that says....Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Full Text
Read The Bill: H.R. 4646 @ GovTrack.us
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