1% Bank Transaction Tax?
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Congress Passed HR-4646, The Debt Free America Act, That Proposes a 1% Tax On All Financial Institution Transactions- Fiction!

Summary of the eRumor:  
Various forwarded emails that say that we will soon be paying a 1% tax on all transactions conducted with financial institutions.
 

The Truth:  
There was a bill in the 111th Congress, House Bill, HR-4646, the Debt Free America Act, that was introduced on February 23, 2010, but it died in committee and was never voted on or passed into law. Some versions of this eRumor allege that the bill was being sneaked into law by members of Congress but that is also fiction.  

The bill was sponsored by Democratic Congressional Representative Chaka Fattah of Pennsylvania and says that it is to "establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals."  Fattah has a description of the bill along with a press release posted on his Congressional web site.  Fattah is a member of the House Appropriations Committee, not President Obama's finance team, as some eRumors alleged.

The Thomas Library is the official site where legislative bills are posted and progress can be monitored. The bill can easily be found and currently the Thomas Library site shows that the Debt Free America Act is in the House committee and then will be referred to the Committee on Ways and Means, the Committees on the Budget, Rules, and Appropriations.   Click here for the Thomas Library for text and status of the bill.  

The Debt Free America Act HR-4646 can also be found at the Govtrack US site, a civic project that tracks legislative activity.  Click for Govtrack.us information on HR-4646.

updated 10/9/11

A real example of the eRumor as it has appeared on the Internet:

DID YOU KNOW.............

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 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.

Other Version:

ON JANUARY 1ST 2012, THE GOVERNMENT IS REQUIRING EVERYONE TO HAVE DIRECT DEPOSIT FOR SS CHECKS.
WONDER WHY?
Be sure to scroll down to read entire explanation

Do you receive a retirement check from soc sec or a pension fund and have it direct deposit?? Well guess what....looks as if Obama wants to tax it 1% !!! *just one more nail in the coffin me thinks.....
All of you old coots, and old coots to be had better read this. This Obama gang is diabolical. Is your Soc. Sec. check on direct deposit?
WAKE UP AMERICA

1% tax on all bank transactions HR4646

Watch for this AFTER November elections; remember this BEFORE you VOTE in case you think Obama's looking out for your best interest.

1% tax on all bank transactions HR 4646

This government just cannot think of enough ways to hurt the American people! I sure hope this dies!!!!!

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.

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, if 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?
Here is what snopes has to say about it. (FB)

 


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