Tax on all bank transactions: HOAX

by Glenn Littrell
(archived from www.glennlittrell.org)

Gary,
this is a hoax... it has nothing to do with Obama or Pelosi. read about it here:  http://www.snopes.com/politics/taxes/debtfree.asp    This proposal has been around  since 2004 and is one of many that are suggested as an alternative to Income or payroll taxes, not in addition to. This particular bill has been introduced every congress by the same Rep. from Pennsylvania. He never gets anyone to sign on to it, it always dies and he resubmits it again and again. Harkin and DeFazio have nothing to do with it. The 'copied from Snopes...' reference is a copy of the summation of the hoax in its different forms not a copy of the truth about the hoax.
The surprising thing is that when Obama's name is attached to it it gets negative attention, but when Obama or the Democrats try to pass legislation to stop the banks from doing the very same thing again and again people don't get mad at the banks or complain about corporate America screwing us they get mad at Obama and the Dems for trying 'regulate', so while we are complaining about big government big corporations are sticking it to us.

The above was in response to the following e-mail:

----- Original Message -----REMEMBER THIS IS A HOAX-----

From: Gary
To: undisclosed recipients
Sent: Tuesday, September 06, 2011 10:43 AM
Subject: Fw: Any Bank Transaction to cost 1% fee
Good Luck with this one.

1%  tax on all bank transactions HR 4646This  government just cannot think of enough ways to hurt the American people!
This Bill must die
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. (see below copied  from Snopes)
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, 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???
Copied from SNOPES.com <http://snopes.com/>
1. snopes.com: Debt  Free America Act<http://www.snopes.com/politics/taxes/debtfree.asp> ...
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, 13 Jul 2011 11:24:58 GMT http://www.snopes.com/politics/taxes/debtfree.asp