Well well well….. our dear ole friends of the Democratic Party have created another way to steal from us. What do you you folks say to a 1% Tax, or Fee, on each and every bank / financial transaction you make?
Debit Card Purchases
Automatic Bill Pay
And probably some others I’m not thinking about right now.
You’re probably going, “Silence…. You must be CRAZY!!!!!” Well friends, it’s T’WOO…as Barney Fwank would say!
Here’s your links and FACTS:
Here’s the summary via GovTrack:
Debt Free America Act – States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines “transaction” to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions. Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations. Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act.
Here’s some highlights I received via email:
A one percent transaction fee (TAX), proposed by President Obama’s finance team, is recommending a transaction tax. His 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 pay check 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 ten bucks just for the privilege of depositing your pay check 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 bucks just to allow you to deposit that check in the bank. If you take $1,000 cash in to deposit at your bank, 1% tax will be charged.
Respectfully submitted by SilenceDogood2010 this Twentieth Day of October in the Year of our Lord, Two Thousand Ten.