HR 4646 is a real bill being proposed by the 111th Congress. It is tangible, you can touch it, it is a tax. It is supposed to be a “replacement tax” designed to pay down the national debt and was designed to replace the income tax on individuals. It is a 1 percent “tax” or “fee” on bank transactions that will generate billions in new revenue for the Federal Government. So it does exist! Will it ever pass, I doubt it! But it does exist!
The unfortunate fact is that this bill has received a lot of attention, press and passed around emails with either watered down, flat wrong or distorted info in some fashion and the true value of the message is being missed.
Do I think there is a strong devisive group out there with possible ties to DC that are deliberately trying to discredit or dilute any information that may get put out by well intended folks…absolutely.
I have had this email and info passed to me for almost a year now and I have received several that have contained information that differed from the previous emails from different people.
One thing is for sure is people are starting to pay attention to what is going on in Washington and right or wrong, I am glad to start seeing some activity to stop this continuous onslaught of hurtful legislation that is crossing the desks of certain Congressmen in Washington. We must attempt to give our best effort to make sure the information is right on, however.
Again the unfortunate thing is that it sometimes takes one misleading or untruthful story getting out to turn the head of many tuned in people and all too often you can be dismissed before you can make the intended point simply because the infornmation you are putting out may contain a mistruth.
With that being said, I am not perfect and have been burned by printing something before I fully checked my facts. I try not to do that but sometimes in haste to get a story out quickly you may regrettably rely on a source that may not be completely credible and its easy to do because there is so much information out there to digest. So with that said, I am going to show great constraint and list the facts only. I have provided the bill below for you to read yourself!
The biggest problem I have with this bill besides the 1% tax on transactions is that if this tax were to be approved I don’t think it would replace any tax. I think it would only add up to another tax piled up on all of our other taxes. Since when have you heard of the government doing us a favor and “doing away with a tax.”
Personally, I don’t think this bill will ever fly, but the bothersome thing about it is the audacity of our elected leaders to possibly place another tax on us instead of capping, cutting and balancing on our already suffering economy.
Read up and see for your self! It will definitely put to rest any naysayers.
SEC. 4501. IMPOSITION OF TRANSACTION FEE.
`(a) In General- There is hereby imposed on every specified transaction a fee in an amount equal to 1 percent of the amount of such transaction.
`(b) Specified Transaction- For purposes of this chapter–
`(1) IN GENERAL- The term `specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.
`(2) TRANSACTION- The term `transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.
`(c) Liability for Fee- Persons become liable for the fee at the moment the person exercises control over a piece of property or service, regardless of the payment method.
`(d) Collection- The fees will be collected by the seller or financial institution servicing the transaction and shall be paid over to the Secretary. In the case of a person who fails to collect and pay over the fee as required under this subsection, such person shall become liable for the fee not so collected and paid over.
`(e) Potential Exclusions- Subsection (a) shall not apply to transactions involving stock (and any options or derivatives with respect to stock) until–
`(1) such time as the United States enters into an international agreement that regulates domestic and international stock exchanges, or
`(2) the Secretary issues recommendations regarding the application of the fee as it applies to stock.
`(f) Regulations- The (UNELECTED) Secretary (BUREAUCRATS) shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including regulations or other guidance which require reporting of such information as the Secretary determines appropriate to prevent under reporting of the amounts on which a fee is imposed by this section.’.
America: A Debt Free Future
Penny-on-the-Dollar Transaction Fee Will Eliminate the National Debt
Washington DC, Feb. 23 — Congressman Chaka Fattah (D-PA) today introduced legislation that calls for a penny on every dollar on transactions in the United States economy to be directed to eliminating America’s national debt.
The Debt Free America Act offers a dramatic but simple new approach to paying off the debt now escalating past the $12 trillion mark. The breakthrough legislation proposes a 1 percent fee to be levied on all payment instruments including cash transactions, checks, credit cards, those processed through the Federal Reserve Bank, and those collected at the point of sale.
THE BILL ITSELF:
HR 4646 IH
H. R. 4646
To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.
IN THE HOUSE OF REPRESENTATIVES
February 23, 2010
Mr. FATTAH introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, Rules, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned