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Posted by: bj | October 25, 2010

HR 4646 = National Transaction & Sales Tax

This is not a Joke.  This is pure socialism proposed Obama and his progressive Marxist Associates.  Journalism is dead in America.
 
HR 4646 is a bill introduced  in the US House of Representatives by US Rep Chaka Fattah,  D-PA. on February 23, 2010.   It is now in committee and will probably  be brought out in the lame duck session  following the Novermber elections.  Suggest that you pass this along and also to your state senator and representative and US Congressman and Senators.
 
 
Debt Free America Act – States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines “transaction” to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions. Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations. Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act. 

Nancy Pelosi, D Californioa,  thinks HR4646 has a lot of merit:

http://www.realclearpolitics.com/video/2009/12/03/pelosi_transaction_tax_has_great_deal_of_merit.html

Just think, according to this bill, if you deposit $5,000.00 into your checking account or savings account, the bank has to take out 1% or $50.00 of that money and send it to Washington. Then, any checks or cash you take out of your bank will receive another 1% deduction from what is still in the bank and be sent to Washington. Total put in the Bank $5,000.00; $100.00 of that you give to Washington.
 

 This bill, spells out that everyone will pay the Government 1% of their gross income. Page 9 states that the House and Senate shall convene not later than November 23, 2010 and Page 11 states the vote on passage shall occur not later than December 23, 2010.
   
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Responses

  1. H.R.4646
    Title: Debt Free America Act
    Sponsor: Rep Fattah, Chaka [PA-2] (introduced 2/23/2010) Cosponsors (None)
    US Rep Peter DeFazio D-Oregon and US Senator Tom Harkin D-Iowa as mentioned are not the sponsors as noted. Even Snopes got it right. Let’s at least take the time to get it Right, not Left!

    • If HR 4646 does pass, prior to it becoming law, I shall withdraw all of my money out of all banks and credit unions and pay all bills by cash or money order. Once the tea party learns of this, you can imagine the howl will be heard by so many people that the bill will be overturned and every legislator remotely connected with sponsorship and support of this bill will never again be associated with government service!

      • I agree 199%. It’s time to fix Congress before it is too late. How eliteist of Congress to vote against a S>S> raise for our senior citizens and vote in one for themselves. IT’S TIME TO FIX THEIR POWERS WITH A 28TH AMENDMENT — That calls for Term Limits, They pay into Social Security; Have the same Healthcare Program as Amerian Voters: No longer vote themselves a raise uknless we encorse it by vote and the amount. No Tenure/No Pension – They collect salary while in office–NO Pay when out of office. Congress can purchase their own retirement plan just as we , the American Public do. Nothing will change until we American Voters DEMAND IT!!!

  2. NO way do I want the government to get 1% of my income. Especially since we did not get a raise in our Social Security monthly payment this year and next year.

    • Vote conservative to keep the government out of our pockets………………………………. bob

  3. I only see the example of a 5k deposit, which seems but a dream for many of us. where can I see a real life example of buying groceries or depositing 500 dollars. Like it or not, America will have to re pay our debt. while it would be nice to hope that will all be some future generation that will pay for it, the future is here.

  4. This is totally out rageous.

    • Thanks for your comments, Marilyn…………………bob

  5. Are you trying to start a run on the banks? You think people will not go to a cash and barter system to sidestep such a move. Any rational person voting for this should be removed from office immediately. Haven’t enough new so called non-tax bills been passed. Stop the squeeze!

    • The point is. The progresssives are digging a hole so deep that the only way out is to implement a national sales tax. (Like the current state sales tax in most states)

    • Your paid by check and when deposited is 1% and any way you remove it from the bank cost 1%= 2% the banks win when you don’t move your money.The goverment wins eather way paying tax on taxes already paying gasoline for exampel $.036 PER GAL etc.why not let the goverment take all the money we earn and make us stand in soup lines.Isnt that what Russa did?

  6. 11.1.2010
    Has any governmen official or agency NOT in Obama’s pocket investigated how much of the “Stimulus” money has ended up in some off shore account in Obama’s or some made-up named account?? I’ll bet it is a LOT!!

    • What they really need to do is have an independent study on the causes of the meltdown. I can not believe this has not been done. But the progressives can not produce a study showing they are guilty……….

  7. I am not for this bill. I am not for anything the President introduces or wants. He is trying to change the USA to a socialistic country.

    • RIGHT oN DEBORAH, vote conservative

  8. Dec 23, 1913 – 2 well paid politicians passed
    the FEDERAL RESERVE ACT during CHRIST
    MAS break in Congress. Is the sponser Irish or
    Japanese? Help me. With this little RED button I
    can nuke any city in America from India. Good Luck, America !

    • Barry , I am confused by your email. What would you like to talk about?

  9. I think your example of a 50 dollar charge on bank deposits or withdrawals of 5000 dollars is erroneous. I think what the bill is meant to do is charge a 1 percent tax on purchases and sales. It is also intends to eliminate the odious individual income taxes and pay down the national debt.
    Am I wrong in my interpetation? Please clarify.
    thanks.

    • What you refer to is a “Transaction Fee”. You can click on the link after the introduction and read HR 4646. The “Transaction Tax” is under Chapter 37, Section 4501. I think their intent is to eliminate the income tax; but they are spending so muchmoney they do not have that I think they will never repeal the income tax.

      What wold be the best is to eliminate the income tax completely, to avoid “CLASS WAREFARE”; and implement a National sales tax of 16% to 17%. Right now APPROXIMATELY 50% of the population pays no income tax OR RECEIVES A HAND OUT. As soon as 51% of the people pay no income tax or receive a hand out, they will continue to elect those progressive liberals that will make sure that the 49% (I call them “MAKERS OR PRODUCERS”) pay for the 51% (“TAKERS WHO PRODUCE NOTHING” ). THAT IS THE TIPPING POINT FOR CAPITALISM VERSUS SOCIALISM. That point is not far off and is real scarry; because then all the dominos fall and the TAKERS will have assured them selves that they will even receive less and eventually nothing.

      • You will be charged on much more then you realize. If you want to transfer $1000 to a differant account in one institution to write a check, It’s 1% coming out of that account, [maybe another 1% for the transfer to go into the other account]. Once you write that check to send money to a differant instituition to pay a bill by a Member Pay service, it’s another 1% on whatever is left. Once the Member Pay service pays that bill, it’s another 1% on that bill. Now is the institution that pays your bill, or is it the bill payer serv., or you that pays that final 1%? If it’s not you- the services you use will have to start charging for that free service, you eventually pay that cost!

      • LW Thanks for your comments…….

        Check this out

        https://america-wake-up.com/2010/06/16/environmentalists-politicians-do-not-care-about-the-environment-but-about-power-here-is-the-proof/

  10. P.S.: For more info from websites, these are a few that may help… http://www.civicimpulse.com/ ; http://www.govtrack.us/congress/bill.xpd?bill=h111-4646&tab=committees ; http://www.govtrack.us/congress/bill.xpd?bill=h111-4646 ; http://www.opencongress.org/bill/111-h4646/show

  11. first off this bill didn’t go through it was turned down. secondly, this in in place of the roughly 15% income tax that comes out of your check! If you make $460 a week before all the taxes. and deposit the check you pay $4.60 in taxes to deposit that money opposed to $69.00 in taxes. If you buy $50.00 in groceries and swipe your debit card you pay $.50 in taxes above whatever state taxes you pay at the grocery store. If you really want to get down to brass tactics. It is the wealthy that will be paying more of the debt than the common person. After all they are the ones paying for expensive meals and fancy cars!

    • Kathy, If one makes $460 per week, they pay zero taxes. he top 1% pay 40% of the taxes. The top 10% pay 70% of the taxes. The bottom 50% pay no taxes. Thus, those 20% between 50% and 70%, pay 30% of the taxes. 50% of the population are takers and 50% are makers. When the takers out number the makers we are a socialist marxist country. Is that what you want?

  12. If I understand this right we could be paying 1% on the same money over and over again! My job direct deposits my check 1%, I put some in savings 1%, then pay bills another 1%, take some cash 1%, don’t use it all so I put some back in the back another 1%. Buy something with the cash another 1%, clerk gives me change, I buy something else another 1% On and on and on….

    • Yes, But remember this has not yet passed, but shows the mentality of the STAFF that write this legislation. Mind boggling……..

  13. When are we going to impeach this President and Pelousi and Reed.
    Our government has gone to hell in a hand basket.

  14. IN OTHER WORDS, WE ARE NOT ONLY GOING TO BE TAXED VIA OUR PAYCHECK, BUT THEN AGAIN WHEN WE DEPOSIT OUR PAYCHECK. DO YOU CALL THIS DOUBLE DIPPING???????

  15. People, we need to remember it is not the President who proposed this “tax”. It’s Rep. Chaka Fattah who proposed it. Also remember that it is Congress who will vote on this no tthe President. If we want a change then it’s these people who we need to get out of office. You can cut down a weed but it will always grow back if you don’t get rid of the root. We need to get rid of the root.

    • Chaka Fattah is a progressive liberal who thinks the government is not spending enough. His philosophy os the same an Obama’s Obama has spent us into the poor house in 2.5 years. The budget before Obama of $8 trillion is now $15 billion. The root that has to be cut out is that of people like Fattah and Obama who want to spend more than we take in and those wh do not adhere to the constitution. Fattah and Obama are Marxists who need to go…………………….far away….

  16. I do not even know the way I ended up here, however I assumed this publish was great. I don’t know who you are however definitely you are going to a well-known blogger for those who aren’t already. Cheers!


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