A Proposed 1% Tax On All Financial Institution Transaction-Mostly Truth!
Summary of the eRumor:
This is a forwarded email that says President Obama's finance team is planning to impose a 1% tax on all transactions conducted in financial institutions and that they plan to sneak it in after the November election.
The Truth:
There is a Congressional House Bill, HR-4646, the Debt Free America Act that was introduced in Congress on February 23, 2010, but we have not found any evidence that the bill is being snuck in by any finance team members as the eRumor alleges.
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.
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.
This is a single sponsor bill and speculators doubt its passage.
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 09/9/10
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.
