1 % Bank Tax Email

Read it and weep!

1% tax on all bank transactions

Watch for this AFTER November elections; remember this BEFORE you VOTE……in case yo think Obama’s looking out for your best interest.

1% tax on all bank transactions HR 4646

This government just cannot think of enough ways to hurt the American people!

This Bill must die!!—FORWARD THIS TO EVERYONE YOU KNOW!!

1% tax on all bank transactions HR 4646

ANOTHER NEW OBAMA TAX SLIPPED IN WHILE WE WERE ASLEEP.

Checked this on Snopes, it’s true!  Check out HR 4646.

(see below copied from Snopes)

President Obama’s finance team is recommending a one percent (1%) transaction fee (TAX).  Obama’s plan is to sneak it in after the November elections to keep it under the radar.

This is a 1% tax on all transactions at any financial institution—banks, credit unions, savings and loans, etc.  Any deposit you make, or even a transfer within your account, will have a 1% tax charged.

~If your paycheck or your social security or whatever is direct deposit, it will get a 1% tax charged for the transaction.

~If your paycheck is $1,000, then you will pay Obama $10 just for the privilege of depositing your paycheck in your bank.  Even if you hand carry your paycheck or any check into you bank for a deposit, 1% tax will be charged.

~You receive a $5,000 stock dividend from your broker, Obama takes $50 just to allow you to deposit that check in the bank.

~If you take $1,000 cash to deposit at your bank, 1% tax will be charged.  Mind you, 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 about this guy’s under-the-table moves to increase the number of ways you are taxed.

~Oh, and by the way, you receive a refund from the IRS next year and you have it direct deposited or you walk in to deposit that check, you guessed it.  You will pay a 1% charge of that money just for putting it in your bank.  Remember, any money, cash, check or whatever, no matter where it came from, you will pay a 1% fee if you put it in the bank.

Some will say, oh well, it’s just 1%.  Are you kidding me?  It’s a 1% tax increase across the board.  Remember, once the tax is there, they can also raise it at will.  And if anyone protest, they will just say, “Oh, that’s not really a tax, it’s a user fee!”  Think this is no big deal?  Go back and look at the transactions you made from last year’s banking statements.  Then add the total of all those transactions and deduct 1%.

Still think it’s no big deal???

1.  snopes.com: Debt Free America Act

Is the U.S. government proposing a 1% tax on debit card usage and/or banking transactions?

……It is true.  The bill is HR-4646 introduced by US Rep Peter DeFazio D-Oregon and US Senator Tom Harkin D-Iowa.  Their plan is to sneak it in after the……moved beyond proposed studies and submitted the Debt Free America Act (H.R. 4646), a bill calling for the implementation of a scheme to pay down the……..[2010] by Rep. Chaka Fattah (D-Pa.).  His “debt Free America Act” (H.R. 4646) would impose a 1 percent “transaction tax” on every financial transaction…

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

From the way it is worded, it should not be very hard to deduce that an earlier version of this email originated sometime last year, but I do not recall ever hearing about it before the current(?) version made it into my inbox last week.  Alas, perhaps the behind-the-scenes movers and shakers of American politics do not value my support all that much?

Much to my chagrin, the email got my full attention almost immediately.  I don’t know if was on account of the atrocious formatting, which I have tried to clean-up some, but it may have been.

Anyway, I started looking for further confirmation, and it did not take long before I found that H.R. 4646 does indeed exist.  Well, at least it did, but it was never sponsored by [DeFazio and Harkin].  Neither did it ever have a hope of even getting out of committee—let alone become law.  Could it be that this is the reason why they included a broken link to the [Snopes article about it], which considers the email as being a hoax?

No, I do not believe that it was meant to be a hoax.  For it is based upon half-truths and patented innuendo that is deployed by both sides of the political divide in this country, and whoever started it was counting on most not taking the time to check if it was true (despite all of the urges to do so).  Oh yeah, we are indeed the land of the free and the home of the brave.

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