CBSBoston reports, Aug. 24, 2011, that HR 4646 has no co-sponsor and has virtually no chance of passing, and that this issue has been misrepresented by an email that’s been making the rounds for the last year or so.
The truth is neither Obama’s finance team nor Pelosi are recommending HR 4646; and Rep. DeFazio and Sen. Harkin have nothing to do with it. It’s the work of one congressman — Democrat Pennsylvania Rep. Chaka Fattah.
So while the bill is real, the email is wrong. For more details on both those topics go here.
~Eowyn (Oct. 2, 2011)
Demonrats are an evil breed whose sole purpose in life is to tax and spend.
America is either going into a second (double-dip) recession or sinking into a depression. Take your pick. But Congressman Chaka Fattah(D-Pennsylvania, District 2 Philadelphia), a black member of the powerful House Appropriations Committee, has introduced a bill, H.R. 4646, with an Orwellian NewSpeak name of “Debt Free America Act,” which more accurately should be called Yet Another New Tax Act of 2010.
H.R. 4646 proposes to impose a new 1% transaction tax WHENEVER you and I engage in a financial transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. This means a $0.25 transaction tax on a $25 restaurant meal, a $0.50 transaction tax on a grocery bill of $50, a $1 transaction tax when you pay a $100 electricity bill, a $5 transaction tax when you pay off a $500 credit card balance, and a whopping $200 transaction tax on a new $20,000 car — in addition to state and local sales taxes and fees!
The bill will amend the Internal Revenue Code by adding a Section 4501 to the Code’s Chapter 37, to read:
SEC. 4501. IMPOSITION OF TRANSACTION FEE.
(a) In General- There is hereby imposed on every specified transaction a fee in an amount equal to 1 percent of the amount of such transaction.
(1) The term `specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.
(2) TRANSACTION- The term `transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.
(c) Liability for Fee- Persons become liable for the fee at the moment the person exercises control over a piece of property or service, regardless of the payment method.
(d) Collection- The fees will be collected by the seller or financial institution servicing the transaction and shall be paid over to the Secretary. In the case of a person who fails to collect and pay over the fee as required under this subsection, such person shall become liable for the fee not so collected and paid over.
(e) Potential Exclusions- Subsection (a) shall not apply to transactions involving stock (and any options or derivatives with respect to stock) until–
(1) such time as the United States enters into an international agreement that regulates domestic and international stock exchanges, or
(2) the Secretary issues recommendations regarding the application of the fee as it applies to stock.
Rep. Chaka Fattah is a black nationalist. Fattah is not his original name; his father is neither an Arab nor a Muslim. Chaka’s mother, Falaka, changed the family name to Fattah because she did not want “to carry a slave name.” Falaka Fattah co-founded the National Black United Front, a radical Black Nationalist group affliliated with the Black Panthers, NOI the Pan African Movement, African National Congress, and the Truth Enterprise Institute whose webmaster disseminates anti semitic tracts.
Chaka Fattah is up for reelection this November 2. He is being challenged by Republican Rick Hellberg, the CEO of a small financial firm. Vote for Rick Hellberg!!!! Check out his campaign website HERE.
Tell your so-called “representatives” in Congress that you will do EVERYTHING to get them out if they approve H.R. 4646 into law! If you think that when the bill becomes law, the Transaction Tax will stay at 1%, I have a nice piece of oil-soaked swamp land in the Gulf of Mexico to sell you!
To read the text of H.R. 4646, CLICK HERE.