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hr 4646

majora$$hole

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what do you guys think of the tax bill (h.r. 4646) being proposed?
 

Black Dog

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One percent transaction tax is proposed 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 transactions at any financial institution I. e. Banks, Credit Unions, etc.. 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.

remember once the tax is there they can raise it at will.

So much for promises. :roll:
 

Whovian

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http://www.govtrack.us/congress/bill.xpd?bill=h111-4646
To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

Currently in committee...

Summary:
2/23/2010--Introduced.
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.

Sounds like a national sales tax of 1%, which would in 2017 replace the personal income tax. Until then, the extra revenue would 'allegedly' be used to pay down the debt.

Not sure how I feel about this.
 

MKULTRABOY

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This is designed obviously for an intended macroeconomic effect. I cant explain cause I suck at macroecon. But I do remember some things and I see this in my brain. :lol:
 

Black Dog

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H.R. 4646: Debt Free America Act (GovTrack.us)
To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

Currently in committee...

Summary:


Sounds like a national sales tax of 1%, which would in 2017 replace the personal income tax. Until then, the extra revenue would 'allegedly' be used to pay down the debt.

Not sure how I feel about this.

It is not a sales tax. It is a tax on bank transactions. Any transaction made at a financial institution will be taxed. How much do you want to bet the income tax will not go away in 7 years?
 

liblady

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It is not a sales tax. It is a tax on bank transactions. Any transaction made at a financial institution will be taxed. How much do you want to bet the income tax will not go away in 7 years?

it won't happen......this is supposed to replace income tax.......
 

Guy Incognito

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It's a terrible idea, good thing it won't go anywhere. Fattah is just grandstanding here.

He's proposed the same thing before and never got so much as a cosponsor: http://www.snopes.com/politics/taxes/debtfree.asp

So it's much ado about nothing. But I guess it fits in nicely with Glenn Beck's preconceived narrative.
 
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Whovian

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It is not a sales tax. It is a tax on bank transactions. Any transaction made at a financial institution will be taxed. How much do you want to bet the income tax will not go away in 7 years?

I think you skipped over this part of the summary I posted...

Defines "transaction" to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.
 

DarkWizard12

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it won't happen......this is supposed to replace income tax.......
We already have the barrel with a several holes in it, do you think when the government is going to open another hole, the are going to close the others? :/
 

Guy Incognito

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I think you skipped over this part of the summary I posted...

I agree. It is definitely supposed to be a national sales tax. Calling it a "transaction tax" is just a euphemism.
 

Black Dog

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it won't happen......this is supposed to replace income tax.......

In our history as I remember, the government has never repealed any tax, ever in 200+ years.
 

Black Dog

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I think you skipped over this part of the summary I posted...

Yep I missed it. I have no problem with a national sales tax to replace the income tax. My problem is income tax will not go away, I am willing to lay money on that.
 

Objective Voice

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The Snopes.com article on this matter is very clear:

- Neither Pres. Obama's finance team nor House Speaker Nancy Pelosi is recommending a 1% transaction tax.

- The Debt Free America Act is purely the effort of a single congressman, House Rep. Chaka Fattah.

- The proposed bill has never gained traction in the 6 attempts to bring such to the House floor including this latest attempt.

The irony here is that if such a bill were ever to be enacted and there was a guarantee that the income tax would be eliminated by a specific timeframe, $0.01 per transaction really isn't such a large price to pay. Consider how often you use your debt card, credit card or have your pay check direct deposited to your personal bank account. I'd say on average I use my debit card 3-5 times per day, I don't use credit cards and on average most of us get paid 2-4 times per month.

5 debit card transactions per day = $0.05 cent X 7 = $0.35 per week X 4 weeks = $1.40 per month X 12 months per year = $16.80

4 direct deposits per month = $0.04 cents X 12 months = $0.48 per year

Total Est. Avg annual transaction fee = $17.28

Compare that to the 25% income tax taken from your pay every pay period. I'd say it's an extremely small price to pay for the average consumer compared to what we're all paying right now under the current tax rules. And let's not even think about the number of ATM bank fees most consumers are charged if they use a non-member bank ATM.

This proposal really doesn't sound half bad when you really sit down and do the math.
 
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Harshaw

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The Snopes.com article on this matter is very clear:

- Neither Pres. Obama's finance team nor House Speaker Nancy Pelosi is recommending a 1% transaction tax.

- The Debt Free America Act is purely the effort of a single congressman, House Rep. Chaka Fattah.

- The proposed bill has never gained traction in the 6 attempts to bring such to the House floor including this latest attempt.

The irony here is that if such a bill were ever to be enacted and there was a guarantee that the income tax would be eliminated by a specific timeframe, $0.01 per transaction really isn't such a large price to pay. Consider how often you use your debt card, credit card or have your pay check direct deposited to your personal bank account. I'd say on average I use my debit card 3-5 times per day, I don't use credit cards and on average most of us get paid 2-4 times per month.

5 debit card transactions per day = $0.05 cent X 7 = $0.35 per week X 4 weeks = $1.40 per month X 12 months per year = $16.80

4 direct deposits per month = $0.04 cents X 12 months = $0.48 per year

Total Est. Avg annual transaction fee = $17.28

Compare that to the 25% income tax taken from your pay every pay period. I'd say it's an extremely small price to pay for the average consumer compared to what we're all paying right now under the current tax rules. And let's not even think about the number of ATM bank fees most consumers are charged if they use a non-member bank ATM.

This proposal really doesn't sound half bad when you really sit down and do the math.

Except your math is wrong. It's not a penny per transaction. It's 1%.
 

Objective Voice

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Except your math is wrong. It's not a penny per transaction. It's 1%.

Oops! You're right...Hmmm...

1% of $6.35...that's what was charged to my debit card this morning for breakfast...$0.64 cents.

Okay...I can see how that would add up. I liked my $0.01 per transaction proposal better. :)
 

UtahBill

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as already stated, won't happen.....the idea has gotten more attention in this single thread than it deserves.
 

UtahBill

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BTW OV, I wouldn't rely too heavily on SNOPES.COM if I were you. I put them in line with HuffPo and so on.

Snopes isn't the only source you can use....but they are all lying to us, right? The only truth we can trust is coming from the likes of Beck and Limbaugh.
Excuse me, gotta go find my tinfoil hat....:roll:
 

Whovian

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Snopes isn't the only source you can use....but they are all lying to us, right? The only truth we can trust is coming from the likes of Beck and Limbaugh.
Excuse me, gotta go find my tinfoil hat....:roll:

Yes, that's exactly what I said :roll:
 
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