It is always interesting how Congress names bills to sound like a good thing for America.  HR-4646 is called the Debt Free America Bill.  It sounds great because who doesn't want our great country to be debt free and out from under our creditors, mostly China.  They plan to pass this bill after the midterm elections.

Take a minute to read what this bill is actually proposing and see how this is a huge tax on everyone.

Subject: HR-4646

WE must oppose this:  once a bill is passed ...remember they can then increase it at WILL !!!

 The bill, HR-4646 was introduced by US Rep Peter deFazio D-Oregon and US Senator Tom Harkin D-Iowa. It is now in committee and will probably not be brought out until after the Nov. elections.

Suggest that you pass this along to your US Congressman and Senators.

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.

Some will say it's just 1%... remember once the tax is there they can raise it at will.

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

To my enlightened and the newly aware friends.......... This is truly amazing and almost beyond belief.

I Googled HR4646 and this sure looks like its for real.    Here is the wording right out of the legislation summary...

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.

So let it sink in now.........   We will pay ONE PERCENT of every amount involved in EVERY TRANSACTION involving a credit card, check, cash deposits.    Virtually all "above the table" transactions in your life will be taxed ONE PERCENT.  Just think about this.  You sell your house. You get a big fat check for the equity in the home. After the mortgage is paid off at the closing, your net, lets say is $300,000.  You go to deposit your check in your bank account. You pay the govt 1 percent of that = $3,000 on deposit. Then you write a few checks to spend some of that money, pay off credit card balances.  You mean to tell me that the check you write will now TAX THAT VERY SAME ALREADY TAXED MONEY YET AGAIN 1 percent???

And the credit card purchases you made that you are now paying off, got taxed 1 percent at the point of purchase.

Spread the word and make sure your friends are not fooled by the "Debt Free America Act"

leslie edwards environmentally conscious, socially aware, politically active             Real Estate Agent serving South Metro Atlanta   770.460.9448 RE/MAX