House Bill 4646 Has Been Reintroduced(Not Passed Yet)

Get ready for 1% tax on all bank transactions if HR 4646 is passed. It is in committee now.

This bill was put forth by Rep. Chaka Fattah (D-PA).

Watch for this AFTER November elections; remember this BEFORE you VOTE, in case you think our friends in Washington are looking out for your best interest.

YES, that is 1% tax on all bank transactions – HR 4646, every time it goes in and every time money goes out.

Please ask your congressperson to vote NO.

President Obama’s finance team is recommending a one percent (1%) transaction fee (TAX). The 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, stock brokerage firms etc. Any deposit you make, or even a transfer within your own bank from one account to another, 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 the government $10 just for the privilege of depositing your paycheck in your bank. Even if you hand carry your paycheck or any check in to your bank for a deposit, 1% tax will be charged.

You receive a $5,000 stock dividend from your broker, Washington 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

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?