Debt-Free America Act....

Today, I watched an episode of In Plain Sight on my computer, visited my cousin Richard, went to the library and then to Publix. I wanted to make sure I had an ample supply of books for next week when my cousin is in the hospital. I got six Aunt Dimity books – I think I might have read one about her at one time, but can’t remember.

Got an email today about this Debt Free America Act:

This Obama gang is diabolical. Is your Soc. Sec. check on direct deposit? WAKE UP AMERICA HR4646 1% tax on all bank transactions HR4646. Watch for this AFTER November elections;

Remember this BEFORE you VOTE in case you 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! I sure hope this dies!!!!!

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. 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 $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 into 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?

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 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...
Sat, 23 Jul 2011 11:25:13 GMT http://www.snopes.com/politics/taxes/debtfree.asp

At this time, with the economy in its current state, I am opposed to any new taxes or new fees and certainly not a 1% banking transaction fee.  What are these people drinking?

Now, if the federal income tax were eliminated, it seems to me we might entertain a consumption/transaction fee on any financial transaction, including sales of goods and services, banking transactions, etc., but I don’t think it would have to be a whole percent – maybe 1/10th of one percent or even less. But, right now – no way. Boy, are these guys sneaky or what?

Well, lots of reading to do.

Until next time…