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Email About HR 4646 - 1% Tax On All Bank Transactions Tax - Is Misleading

Tuesday, July 26, 2011 - 6:15 AM
A reader forwarded me an email she received with warnings about a 1% tax on all bank transactions. Here's an excerpt of that email:
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.

When you receive chain emails, it's a good idea to be skeptical about any of their claims. Here's an excerpt from snopes.com
Neither "President Obama's finance team" nor Nancy Pelosi is "recommending a 1% transaction tax."  The proposal for the  Debt Free America Act is purely the effort of a single congressman, with no outside support.

And here's an excerpt from about.com
the legislation has zero co-sponsors, nor has it even been acknowledged, let alone supported or endorsed, by the Obama administration. It is expected to go nowhere.



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Ken TuminKen Tumin5,441 posts since
Nov 29, 2009
Rep Points: 123,651
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