H.R.4646 One Percent Fee on all Bank Transactions/ Jan.2013

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#1 Thu, Oct 4, 2012 - 1:32pm
Joined: Jun 15, 2011

H.R.4646 One Percent Fee on all Bank Transactions/ Jan.2013

The following is copied from Snopes: 1. snopes.com <https://snopes.com/> <https://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 proposing 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...
Wed, 02 Nov 201111:27:37 GMThttps://www.snopes.com/politics/taxes/debtfree.asp <https://www.snopes.com/politics/taxes/debtfree.asp> <https://www.snopes.com/politics/taxes/debtfree.asp>

The following was e-mailed to me:


Subject: HR 4646

Be sure to read entire explanation

Watch for this AFTER November elections; remember this BEFORE you VOTE, in case you think Obama is looking out for your best interest.

A 1% tax on all bank transactions is what HR 4646 calls for.

Do you receive a paycheck, or a retirement check from Social Security or a pension fund and have it direct deposit??

Well guess what ... It looks as if Obama wants to tax it 1% !!!

This bill was put forth by Rep. Chaka Fattah (D-PA).

YES, that is 1% tax on all bank transactions - HR 4646, every time it goes in and every time money goes out.

Ask your congressperson to vote NO.


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 it out yourself ~ HR 4646.

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 own bank from one account to another, 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 $1000, 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 in to your 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, if 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 protests, 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?

I didn't know if all you brilliant turds had heard or read about this.... maybe it's "Old News" already.

Edited by: Candygram on Nov 8, 2014 - 5:01am
Thu, Oct 4, 2012 - 3:00pm
Joined: Sep 23, 2018

Stop scaring people.  Read

Stop scaring people. Read the full post: https://www.snopes.com/politics/taxes/debtfree.asp

It's one person in the House of Representatives who has proposed eliminating ALL federal taxes on individuals and corporations, and instead replacing it with a revenue-generating system based on transaction fees. And it has 0% support in Congress.

Actually depending on how something like this would be implemented and the options available, it might not be a bad idea. Would you prefer 1% on bank transactions or 30+% on all the income you produce in a year? I think it's a fair topic to discuss. Just like any other model there are pros and cons.

Thu, Oct 4, 2012 - 4:46pm
Joined: Jun 15, 2011

My Apologies


Thu, Oct 4, 2012 - 10:05pm
Joined: Sep 23, 2018

No worries... I just like to be

No worries... I just like to be clear about these types of things, especially knowing how many retirees out there are already concerned that they are going to lose what little they have left.

We have enough real stuff to be concerned about nowadays, we can't also be fearful that the bogeyman is going to jump out of the closet while we sleep too.

Sat, Oct 6, 2012 - 4:11am TF Metals Admin
Joined: Aug 28, 2012

this would be great

i would just quit using a bank. only use the online billpay feature other than that the place is worthless. check that. there is a hottie who works there

no better time than now


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