Obama's New 1% Transaction Tax

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UPDATE:
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)
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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.

Chaka Fattah with the Vacation-in-Chief


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.
~Eowyn

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0 responses to “Obama's New 1% Transaction Tax

  1. Oh, but it’s not a “VAT” or “national sales tax” (just because they didn’t call it one). The call-it-something-else-and-pretend-it’s-not ploy stopped fooling anyone twenty years ago– don’t left/liberals ever learn?

     
  2. I thought Obama promised not to raise taxes for the poor? Then again, with all the other hikes in expenses Obama has arranged, what’s one more? Stop transforming America!! STOP IT!!

     
  3. Come on Pennsylvania, stomp out Fattah!

     
  4. That liar has GOT to GO! I am so sick of him and his takeover. Only defending constitutional rights when it benefits him and his ilk.

     
  5. black nationalist doesn’t like his slave name so he takes a name of the people who enslaved blacks in the first place. i knew when they started dumbing down and race norming we would have some stupid people running around in places of responsibility but come on now the congress, senate and the presidency. i think marcus garvey was on the right track: you want to be a black nationalist and not an american, there is an entire continent you can move to and take your idiot view points with you.

     
  6. Ah, the liberal mind – more taxes produces incentive. Good grief, November and 2012 can’t come soon enough!

     
  7. This tax is outrageous and another step to “redistribute” wealth.

     
  8. This is the progressive left’s way of dealing with everything! Raise taxes, increase revenue, then SPEND MORE than you take in! Regardless of how high Obama and his cronies raise taxes, it will NEVER be enough! The Left wing of the Democrat AND Republican parties (yes, there are very liberal members of the Republican party) know NO fiscal restraint! Congress spend tax dollars like there is no tomorrow and IDIOTS like Mr. Obama and Mr. Fattah are pushing this crap!
    Consider this, Paragraph (e) (1) is the most prophetic and most frightening of the bill carefully consider the implications of the language contained in that paragraph:
    “(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 . . .”
    What the hell is “an INTERNATIONAL agreement that “regulates” domestic AND international stock exchanges? Sounds like the supposed SOVEREIGN United State of America is opened up to being governed or regulated by a larger world wide authority! This is the goal of Progressives in general and President Obama in particular.
    One final observation: White nationalists are called “racists”. What are “black nationalists” called?

     
  9. So we pay for bailouts, pay transaction fees, pay for healthcare, pay, pay, pay. What will happen is nobody will spend, more businesses will close, more employees laid off or the costs will go up to pass the transaction fee through. More idiotic thinking by Obama and his pals. He has to go…fast!

     
  10. he has got to go. all this is a vat tax, he will hurt the middle and lower class people with this more than anything else and he is transforming america. we are going back wards instead of forwards

     
  11. I spoke with my bank and they told me this is a rumour that has been going on for years now. They said this would never work and would collapse the banking system. This was supposed to replace federal income tax but I have a feeling this type of tax could get really out of hand. People who live on SS, SSI and disablity don’t even pay taxes. This would add insult to injury to those people because they did not recieve a cost of living adjustment.
    If this happens I will close down all my accounts. I get 4 deposits a month for my pay. My mom gives me money for helping her and I like to put that in the bank. So I would be looking at $20 extra in taxes per month if not more because I pay all my bills through debit cards and checks. I also get my college loan money of $6,000 per 6 months direct deposited. There is already a loan organation fee so I would have to pay an extra $60; that would be another $10 per month. Then what if the tax went up to 2%, 3% etc; once something is taxed it is hard to get it untaxed.

     
  12. By the way I am an independent contracter so I get a lot of taxes deductions for certian expenses and since my income is low this means I don’t pay any income tax.

     
  13. Let’s not forget the Republicans sold out America with their policies of greed and were not honest enough to tell the people of America the country was broke prior to the last election. Obamas done a good job for the vast majority of Americans.

     
  14. You left out the part of the bill that kills the personal income tax…I feel that is pretty important. So you no longer pay income tax and instead have these transaction fees.

     
  15. My bad…the bills new name is HR 1125 Debt-Free America Act. The new bill removes personal income tax

     
  16. This doesn’t effect only the rich it effects anyone who pays $$$ for goods, food, services and anything else that $$$ is used for…what I want to know is how much does government take in via employment 25%-40% on anyone who gets a paycheck, Tolls for bridges, and any other method you can think of that $$$$ is taken in where does it all go? The schools in urban areas are horrendous, Hospitals for the most part are a nightmare especially in urban areas…really who’s running this country? How much is being robbed? In small towns i heard of sheriffs paying themselves over 1M a year, if you think i’m fabricating google that and see how often that happens…there’s so much corruption in this land it’s sick…it’s time for a new government, just rid of the old system and put back the system our founding father’s had in place…through the years that was changed here and there and now it’s an inefficient government.

     
  17. UPDATE:
    There’s an e-mail circulating around saying that this is a sure thing. It’s not true. Go to my update in the post for details.

     
  18. What kills me is that America is still so racist.. why was so much emphasis placed on what color Fattah is …you white people have been running this country for sooo long and nothing but greed, and pure evil has run it into the ground.. and expext 1 black man to fix what decades have destroyed in 4 years… first of all your constitution.. and i say that because it wasn’t meant for blacks at the time.. called for voluntary taxes not forced.. i am so sick of this country full of hypocrits and bigots..most of congress with these young male interns is nothing but a sex orgi with men doing men if it does away with individual income tax why not .. it’s not the rich that keeping this country in tact it’s the poor and this tax will affect the rich so i guess that’s why your so upset.. because anytime something is attempted to get the rich evil bastards to do their part.. it’s a problem.. you greedy republicans care about nothing but yourselves and your money.. let note forget you guys ran this country into the ground…

     
    • Hi, upset,
      What kills me is that my tax dollars go to the American public school system that produces near-illiterates such as you who not only cannot spell, but cannot think or reason your way out of the proverbial paper bag.
      Go ahead, keep playing the Racist card. Ever heard of the Aesop’s fable about the boy who cried wolf? The time will come when no one will believe cries of Racism — even when it’s true. Leftists like you who wield the Racist card as a slanderous political tool are ensuring that that day will come soon. Shame on you.

       

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