One percent transaction tax is proposed.

[Ponce]

One percent transaction tax is proposed.

Last updatedFriday, July 9, 2010
(UNEDITED)President Obama's 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 transaction at any financial institution i. e. Banks, Credit Unions, extra. 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.

Lee Hoecherl

http://www.standard.net/node/44797

[Apparition]

Not surprising.

What best to advocate unpopular legislation but during a lame-duck period?

[StackerKen]

No friggin way!
This can't be real!

Whats to stop them from raising it all the time like the states do with sales tax?

I can't believe this

Any proof that this is really in the works?

[dysgenic]

Good, let it go through so more people pull their money out of the banks. But I doubt that it will. Anything that will hurt the banks, like this, won't fly when the rubber hits the road.

dys

[JohnQPublic]

A 1% tax on every transaction will create crushing deflation. Money velocity will go to zero. A value added tax (one time at retail level) may happen, but I doubt this. Then again, who expects intelligence?

[Tinman]

It's supposed to be a transaction tax on stocks and other financial instruments. I doubt it would apply to cash or other consumer banking transactions. Also known as a "Tobin Tax"

The tax that has been proposed is supposed to be .25% at most and is intended to curb speculators and fast trading in the markets.

[boogietillyapuke]

No friggin way!
This can't be real!

Whats to stop them from raising it all the time like the states do with sales tax?

I can't believe this

Any proof that this is really in the works?


Have you ever asked yourself if it's a sales tax, then why is the buyer paying it? The selling is a state licensed, privilege........why is the purchaser paying the tax???? Why don't they call it a buyers tax????

[StackerKen]

No friggin way!
This can't be real!

Whats to stop them from raising it all the time like the states do with sales tax?

I can't believe this

Any proof that this is really in the works?


Have you ever asked yourself if it's a sales tax, then why is the buyer paying it? The selling is a state licensed, privilege........why is the purchaser paying the tax???? Why don't they call it a buyers tax????


Good question
:dunno

[Phoenix]

Have you ever asked yourself if it's a sales tax, then why is the buyer paying it? The selling is a state licensed, privilege........why is the purchaser paying the tax???? Why don't they call it a buyers tax????


The buyer pays it because the seller can pass it on to him. The seller is the one with the obligation to the regime to pay it. "No sales tax" sales are perfectly legal since the seller still has to pay it.

[Phoenix]

No friggin way!
This can't be real!

Whats to stop them from raising it all the time like the states do with sales tax?

I can't believe this

Any proof that this is really in the works?


I don't believe for a second this is seriously proposed.

And if it were implemented, I guess I would be closing out my "financial institution" accounts, as would millions more.

[Silver Rocket Bitches!]

Here's an idea: Put a .01% tax on every dollar of derivative transactions.

Whoa look at that, a trillion dollars in no time.

[JohnQPublic]

Here's an idea: Put a .01% tax on every dollar of derivative transactions.

Whoa look at that, a trillion dollars in no time.


Even better- no more derivatives.

[iOWNme]

1%?

Americans stood by like idle slaves while their own elected officials decreed the 2nd Plank of the Communist Manifesto to be 'Constitutional' via the 16th Amendment = Graduated Income Tax

(Hint: the word 'graduated' means a whole hell of a lot more than 1%)

[silver solution]

Tar, Feathers and Rope?

I think people should love the evil ones when they come to town:-)

Blood sucking is good for the victime's. Being raped and robbied every day is good for the soul. Turn the other cheek and bend over slave.

Now that is the wave of the future and the history of the past?

The brain-dead slaves worshiping their evil masters is the history of man kind. One percent of my blood, what mater is that the slave screams as he gets ready for his slave shift. I have bills to pay!!

[Twisted Titan]

The VAT man cometh........

[Sparky]

I don't buy this story until I see reference to an actual house bill. I think Tinman has it right in Post #5.

[Tinman]

This is the only bill I can find and it is the one I was talking about with the .25% tax on stocks and bonds.

HR 1068 http://www.opencongress.org/bill/111-h1068/text

There is another bill going nowhere HR 5783 that would tax foreign currency transactions over $10,000 at .005%

The original story about a 1% tax on all banking transactions appears to be just some guy ranting on the internet.

[EE_]

Damn, I'm disappointed...I was hoping for another tax too!
Hopefully they will come up with other tax schemes to destroy the American public.
Once they have completely broken the majority of the people and they have nothing left to lose, they will realize it's time to burn this country to the fucking ground and start over.

Next time--->http://desertpeace.files.wordpress.com/2009/10/no-jews-allowed1.jpg

[1970 silver art]

Yep. Just another tax proposal to nickel and dime us out of what little money we have left. 1% transaction tax or no 1% transaction tax, the gov't is going to continue to live beyond its means and will continue to do so until the Federal deficits and the national debt go so big to where it will eventually collapse the Federal gov't.

A tax increase IMO just means that gov't is bringing in pennies but they are continuing to spend dollars. The gov't is deficit spending and implementing a 1% transaction tax will not change that.

[beefsteak]

Is this thing still writhing on the floor like some scifi creature which won't die?

HR 4646...has to be passed before 12/23/2010

Source claims to 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." Snopes pooh poohs this. Who is right? Seems to be legit search item on Google!

Pelosi is all over a similar "concept" like algae on a nitrated farm pond as far back as a different speech in 2009 purportedly discussing this "concept."

is snopes right? Or is the Internet more current than 10/7/ Snopes???
http://www.snopes.com/politics/taxes/debtfree.asp

Cash transactions, eh? What about Lawful Money transactions????


beefsteak

[Serpo]

What is 1% times 100

[ShortJohnSilver]

Is this thing still writhing on the floor like some scifi creature which won't die?

HR 4646...has to be passed before 12/23/2010



Just like the Federal Reserve , also passed just before Christmas.

[cedarchopper]

$600 1099 reporting requirement, mandatory insurance, and then a 1% transaction fee...I guess they really want to kill what is left of the private economy.

[hoarder]

It's not so much about money as CONTROL. They want to eliminate garage sales, craigslist and any sale of used items without a parasitic broker. They want to criminalize private gold and silver transactions as well as firearms.
That's all.
Nothing to worry about.

[mike88]

hr 4646 is the proposed bill. sponsored by a pennsylvania congresscritter.