Yet another tax to help save us!! Oh how lucky we are!!
Let me sum it up:
HR4646
Introduced 02/23/10 by Rep. Chaka Fattah (D-Pa.)
Ever heard of it before now? Wonder why you haven't? You can bet it will be in the Lame Duck slaughter house after November.
http://www.opencongress.org/bill/111-h4646/show
http://thehill.com/opinion/columnist...s-its-possible
One idea for raising taxes to pay down the debt is the bill introduced this February 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 — whether paid by cash, credit card or any form of financial transfer, the only exception being transactions involving the purchase or sale of stock. Theoretically, everyone would pay one cent on the dollar for every such transaction in America every day — whether $3 million on a $300 million business acquisition, $300 on the purchase of a $30,000 car, or $5 on a $500 ATM withdrawal.
A 1% tax on all transactions made every day in the good ol' U.S.A.
That's right, ALL, ANY, EVERY transaction made every day by you, me, everybody (except trading stock, go figure). Think about that statement, that includes, transferring your own money between your savings or checking accounts, deposits and withdrawals from your bank account (even when depositing cash), direct deposits, writing a check, using your ATM, debit, check card, credit card, cash purchases, etc, etc, etc.
Now I'm all for reducing and eliminating the debt, but damn, another tax is not the way to get there.
It also states that this would allow the Individual Income Tax to be eliminated, but I'm not holding my breath on that one.
Discuss,...........................