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--- On Tue, 10/26/10, alice r. wrote:
Check this with Snopes - the bill is still in committee and will probably be brought out during the lame duck session. If it comes out and passes, the effects will be horrific. My paychecks are deposited directly into the bank. I write checks and have
H. R. 4646
I went into THOMAS (Library of Congress) and printed out and read all 15 pages of this bill, which has the short title of "Debt Free America Act." It is the most demogogic thing I have ever read. Just think, if you deposit $5,000.00 into your checking or savings account the bank has to take out 1% or $50.00 and send it to Washington. Any checks or cash you take out of your bank, it will deduct 1% from the transaction and give it to the Treasury .
Page 9 declares that the House and Senate shall begin debate not later than November 23, 2010 and page 11 states the vote on passage shall occur not later than December 23, 2010.
The bill is HR-4646 introduced by
US Rep Peter DeFazio Dem-Oregon and
US Senator Tom Harkin Dem-Iowa.
It is now in committee and will probably not be brought out until after the November elections.
A Senate finance team recommends a new tax and plans 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, e.g. your bank or credit union. Any deposit or withdrawal that
you make or cash that you move, like from your savings account to your checking account will have a 1% tax charged.
If your paycheck or your social security or whatever is direct deposit, 1% tax charged.
If you hand carry a check or bring cash in to deposit, 1% tax charged,
Some will say "aw it's just 1%."
But once the tax is in effect, they can raise it as they see fit.
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