10/11/10 - Article No: 1026
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H.R. 4646 Debt Free America Bill - Email Media Hoax
Email rumours circulating as follows -
Fw: 1% tax on all bank transactions. I checked this with Snopes, who said its true...... One percent transaction tax is proposed President Obamas finance team is recommending a transaction tax. His plan is to sneak it 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 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 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. remember once the tax is there they can raise it at will.OR
H. R. 4646 I have gone into THOMAS (Library of Congress) and printed out and read all 15 pages of this bill which has been given the Short Title of Debt Free America Act. It is the most socialistic thing I have ever read. Just think, if you deposit $5,000.00 into your checking account or savings account the bank has to take out 1% or $50.00 of that money and send it to Washington. Then, any checks or cash you take out of your bank they will deduct 1% from what is still in the bank and send it to Washington. Total put in the Bank $5,000.00. $100.00 of that you give to Washington. This bill, spells it out that everyone will pay the Government 1% of their gross income. Page 9 states the House and Senate shall convene not later than November 23, 2010 and Page 11 states the vote on passage shall occur not later than December 23, 2010. SEND THIS TO EVERYONE YOU KNOW AND EVERYONE NEEDS TO CONTACT THEIR CONGRESSMAN AND SENATOR AND TELL THEM TO VOTE NO ON THIS BILL.These rumours are truth mixed up with mostly lies. Whilst there is a bill - (H.R.4646) by this name and description, which aims to demolish both the national debt and individual income tax by imposing an obligatory 1% tax on all transactions (including retail) - it is untrue that this was endorsed by President Obama. The bill was actually introduced solely by Democratic senator Chaka Fattah (see here). Given the liberal nature of the bill which would overhaul the American Tax system, combined with the fact that the bill is not endorsed or co-sponsored by anyone else, this bill really does not stand any chance of getting anywhere at all, so anyone worried about this piece of legislature can rest assured that failing to pass on this alarmist email will not result in the consequences described in this message.