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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!!!!
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
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
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.

Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,600