This bill — HR4646 , which never became law was actually proposed and under consideration in the previous Democratic controlled session of Congress. (Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven’t passed are cleared from the books. — special thanks to one of our readers) 

One of our readers wondered why we would bring this up again…  Here’s why. We bring it up again to illustrate the types of bonehead tactics that were (and still are) being used by this current Administration. Its underlying philosophy and tactics are indirectly related and linked to the actions that Bank of America took this week to pass along increased regulatory costs to the consumer as a result of past Frank / Dodd bills enacted and proposed by Democrats.  All affected banks will follow.  You can thank the President Obama, the Democrats, and his neo-socialist “Finance Team”  for this crazy idea that thankfully has been shot down!  These new age “progressives” will have us at tax rates in excess of 60% for middle class Americans similar to the neo-socialist European country middle class tax rate if they continue to have their way!  Increased Federal Taxes = Redistribution of Wealth and is a core objective by so called progressive “central government” ideologues.   Say NO to this political ideology next November at the polls… I don’t need to tell you how.



Would you really want the thinking that authored this bill back in power again ???


Submitted by Rep. Chaka Fattah [D-PA2]  Feb 2010 in an effort to hijack the American banking system to increase government spending and entitlements.   (Could not pass thanks to last summer’s “Tea Party” groundswell.    Thank God!)

A 1% tax on all bank transactions proposed by Democrats in HR 4646.  Check out HR 4646. (Now DEAD !)

President Obama’s finance team is recommending a one percent (1%) transaction fee (TAX). Obama’s plan is to sneak it in after the November elections to keep it under the radar. (Fortunately it failed thanks to Republicans and “blue dog” Democrats that were not willing to fall on their swords for Obama! — ed.)

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. ~If your paycheck is $1000, then you will pay Obama $10 just for the privilege of depositing your paycheck in your bank. Even if you hand carry your paycheck or any check into your bank for a deposit, 1% tax will be charged. ~You receive a $5,000 stock dividend from your broker, Obama takes $50 just to allow you to deposit that check in the bank.. ~If you take $1,000 cash to deposit at your bank, 1% tax will be charged.

Mind you, this is from the man who promised that, if you make under $250,000 per year, you will not see one penny of new tax. Keep your eyes and ears open, you will be amazed at what you learn about this guy’s under-the-table moves to increase the number of ways you are taxed.

Oh, and by the way, if you receive a refund from the IRS next year and you have it direct deposited or you walk in to deposit that check, you guessed it. You will pay a 1% charge of that money just for putting it in your bank. Remember, 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.

Some will say, oh well, it’s just 1%. Are you kidding me? It’s a 1% tax increase across the board. Remember, once the tax is there, they can also raise it at will. And if anyone protests, they will just say, “Oh,that’s not really a tax, it’s a user fee”! Think this is no big deal? Go back and look at the transactions you made from on year’s banking statements. Then add the total of all those transactions and deduct 1%. Still think it’s no big deal?

A government big enough to give you everything you want is also big enough to take away everything you have.” – Barry Goldwater