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Old 07-24-2011, 09:38 AM
 
Location: Near a river
16,042 posts, read 18,971,705 times
Reputation: 15649

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I just posted this in the Business Forum but because it would apparently affect SS payments, I thought it may be of interest here. Check out my full post on the Business Forum. Here is the Snopes Link.

1% tax on all bank transactions*HR 4646

snopes.com: Debt Free America Act

"If your paycheck or your social security or whatever is direct deposit, it will get a 1% tax charged for the transaction."

Nancy Pelosi says "What's the big deal? It's only 1%"----omg

I hope that if this info is legit, we as Americans will make it go poof.

I will be happy for someone to say it isn't so.
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Old 07-24-2011, 09:54 AM
 
Location: Baltimore, MD
3,745 posts, read 4,216,058 times
Reputation: 6866
Default Forget it...

Another "OMG, the Sky is Falling" email. Here's a summary of the bill from the Library of Congress:
Bill Summary & Status - 111th Congress (2009 - 2010) - H.R.4646 - CRS Summary - THOMAS (Library of Congress)

Interesting bill, too bad it died so quickly.
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Old 07-24-2011, 10:03 AM
 
Location: Near a river
16,042 posts, read 18,971,705 times
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Quote:
Originally Posted by lenora View Post
Another "OMG, the Sky is Falling" email. Here's a summary of the bill from the Library of Congress:
Bill Summary & Status - 111th Congress (2009 - 2010) - H.R.4646 - CRS Summary - THOMAS (Library of Congress)

Interesting bill, too bad it died so quickly.
Well thank you. I did not mean to be an alarmist, I just wanted someone who knows the truth to let it be known. I didn't see it as a sky is falling thing, but I also don't see anything interesting about it!
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Old 07-24-2011, 11:48 AM
 
8,191 posts, read 11,908,623 times
Reputation: 17964
Quote:
Originally Posted by newenglandgirl View Post
Well thank you. I did not mean to be an alarmist, I just wanted someone who knows the truth to let it be known. I didn't see it as a sky is falling thing, but I also don't see anything interesting about it!
I don't understand. You posted the snopes info showing that this was a ridiculous proposal from a lone congressman with no cosponsors, yet you started a thread indicating that you were concerned about the issue. There seems to be a disconnect there.

On a related side note, I used to read the daily Congressional Record as part of my job and you would not believe some of the off-the-wall bills that were routinely introduced and then sent to a committee to die.
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Old 07-25-2011, 05:34 AM
 
Location: Near a river
16,042 posts, read 18,971,705 times
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Quote:
Originally Posted by MadManofBethesda View Post
I don't understand. You posted the snopes info showing that this was a ridiculous proposal from a lone congressman with no cosponsors, yet you started a thread indicating that you were concerned about the issue. There seems to be a disconnect there.
I had done some quick investigation that turned up varying (confusing) results. I was asking if anyone could verify the truth, and Lenora kindly jumped in and did. It may be a ridiculous proposal but certainly not unthinkable in our currently overtaxed condition.
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Old 07-25-2011, 05:44 AM
 
Location: Baltimore, MD
3,745 posts, read 4,216,058 times
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Quote:
Originally Posted by newenglandgirl View Post
Well thank you. I did not mean to be an alarmist, I just wanted someone who knows the truth to let it be known. I didn't see it as a sky is falling thing, but I also don't see anything interesting about it!
I did not intend to suggest you were an alarmist; if I did, I'm sorry. The cited bill would have imposed taxes at the point of transactions and eliminated the income tax. I found that interesting.
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Old 07-25-2011, 05:57 AM
 
Location: Near a river
16,042 posts, read 18,971,705 times
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Quote:
Originally Posted by lenora View Post
The cited bill would have imposed taxes at the point of transactions and eliminated the income tax. I found that interesting.
That would have severely impacted seniors, as many seniors pay little or no income tax but do a number of bank transactions. And, I can't imagine where bank trans taxes could make up for the losses in income tax, but maybe...?
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Old 07-25-2011, 07:11 AM
 
Location: SW MO
23,605 posts, read 31,475,774 times
Reputation: 29071
Quote:
Originally Posted by MadManofBethesda View Post
I don't understand. You posted the snopes info showing that this was a ridiculous proposal from a lone congressman with no cosponsors, yet you started a thread indicating that you were concerned about the issue. There seems to be a disconnect there.

On a related side note, I used to read the daily Congressional Record as part of my job and you would not believe some of the off-the-wall bills that were routinely introduced and then sent to a committee to die.
I would. They're supposed to die. It's called pandering to special interests and follow the money. The author and co-siners can always claim they tried but those nasty (insert party flavor of the moment here) just wouldn't cooperate.

Spent a few years in the political arena myself. All too familiar with the kabuki.
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Old 07-25-2011, 08:21 AM
 
8,191 posts, read 11,908,623 times
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Quote:
Originally Posted by newenglandgirl View Post
That would have severely impacted seniors, as many seniors pay little or no income tax but do a number of bank transactions.
No, it wouldn't. Even the link to snopes you yourself provided noted that individuals earning less than $125,000 would receive a credit of 1% of their income against the tax and that the Treasury Dept. could "exempt certain transactions on which lower income people disproportionately rely."
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Old 07-25-2011, 09:42 AM
 
Location: Near a river
16,042 posts, read 18,971,705 times
Reputation: 15649
Quote:
Originally Posted by MadManofBethesda View Post
No, it wouldn't. Even the link to snopes you yourself provided noted that individuals earning less than $125,000 would receive a credit of 1% of their income against the tax and that the Treasury Dept. could "exempt certain transactions on which lower income people disproportionately rely."
Good to note. More government reporting, paperwork, red tape...

Anyway, Lenora answered it. This thread should fade away....

Last edited by RiverBird; 07-25-2011 at 09:52 AM..
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