1% tax on all bank transactions???

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This topic contains 5 replies, has 5 voices, and was last updated by  Denise Hill 6 years, 1 month ago.

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  • #145034

    Julie Marquis
    Participant

    Has anyone heard (or better yet, CONFIRMED) this new HR 4646 under the Debt Free America Act of 2011 – a ”transaction fee” that is proposed to go into effect after the November elections?? 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. ~If your paycheck or your social security or whatever is direct deposit, it will get a 1% tax charged for the transaction. Any money, cash, check or whatever, no matter where it came from, you will pay a 1% fee if you put it in the bank.

    Please advise!!

  • #145044

    Denise Hill
    Participant

    Yikes!!! I need to research. I may need to start hiding my $ under my mattress. (That $ is based on the $$$$$ scale).

  • #145042
  • #145040

    Anonymous

    Wow!!! Well we do have the option of utilizing credit unions… Or does it also apply to them?

  • #145038

    Robert Bacal
    Participant

    accurate or not about this tax unless taxes are raised progressively the usa is done as a world power.

  • #145036

    John Evans
    Participant

    According to snopes.com, this is a mixture of true and false information. While such legislation has been introduced, it is a pet cause of one particular Representative, and has little or no chance of passage. The proverbial tempest in a teapot.

    http://www.snopes.com/politics/taxes/debtfree.asp

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