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Cost to Use a Bank: True or False?

Discussion in 'Politics, Elections & Legislation' started by Chango2, Dec 29, 2010.

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  1. Chango2

    Chango2 Active Member

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    Is this true or urban myth: I have heard that our present administration plans to implement a 1% tax on any funds we deposit or take from our bank account(s).

    This sounds absurd, absolutely absurd. One would think the banks would have a large enough lobby/influence to prevent this and that this law would merely drive us into more of a "cash only/barter" economy that would reduce taxable income.

    The anger and demoralizing effect would be hardly helpful in stimulating the economy. I hope this is mere urban myth; I think that if such legislation were entirely true there would be a much bigger vocal protest in the mainstream media. Imagine: Take home, say, $5000.00 per month as a journeyman, experienced middle manager/skilled tradesman. Your monthly expenses, living with moderation, might be $4000.00 per month. Say that $3000.00 of that involves writing checks to pay bills. So three grand in means a cost of $30.00 Three grand out means a cost of $30.00. This equals $60.00 per month as a "fee" merely to pay one's bills!

    I think anger alone will cause enough cardiac problems to drive the cost of medical insurance and any government health care programs ever higher!!

    Tell me it ain't so! Please.
     
  2. Pull & Mark

    Pull & Mark Well-Known Member

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    It ain't so!!! Yet, Maybe. Just another way the Gov. wants more of our money to repay all the money Obamy has spent in the last 2 years in office. Break-em all. Jeff
     
  3. Chango2

    Chango2 Active Member

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    I just don't trust any new taxes that are supposed to be temporary; how often do they really "sunset" and actually end? This kind of change sounds very reckless.
     
  4. Trapshooter

    Trapshooter Well-Known Member

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    No such thing as a temporary tax. Even tax levy's around here can be forced in after 3 times being voted down by the people.
     
  5. halfmile

    halfmile Well-Known Member

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    This bill was referred to committee, presumably to die.

    H.R.4646
    Latest Title: Debt Free America Act
    Sponsor: Rep Fattah, Chaka [PA-2] (introduced 2/23/2010) Cosponsors (None)
    Related Bills: S.2965
    Latest Major Action: 2/23/2010 Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, Rules, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    HM
     
  6. Russ-in-Pa

    Russ-in-Pa Well-Known Member

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    Pennsylvania's sales tax is only temporary - until costs of the Johnstown flood of 1936 is paid back.

    haha.
     
  7. cubancigar2000

    cubancigar2000 Well-Known Member

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    The obama admin could not run even a small business and make it profitable, let alone the govt. None of them have a clue
     
  8. CalvinMD

    CalvinMD Well-Known Member

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    I'm all for anything to relieve the debt burden from our kids..but it would need to accompany govt downsizing and spending caps to make sure they are working just as hard towards the same goal.....I would gladly let them have the change that would be the rounded up difference of any purchase over $20...if its $19.50...send the extra.50 to the debt fund n ONLY to the debt fund
     
  9. Barrelbulge(Fl)

    Barrelbulge(Fl) Banned User Banned TS Supporters

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    From my Congressman.




    Thank you for contacting me with your concerns about the Debt Free America Act (H.R. 4646). I appreciate hearing from you.



    The Debt Free America Act would establish a one percent transaction tax in an effort to eliminate the national debt. This tax would apply to any transaction involving check, cash, credit card, transfer of stock, bonds, or other financial instrument. Transactions that are "intangible" – such as bank account transfers – would also be subject to this tax. Finally, this transaction tax would replace the federal income tax, which would be eliminated by the bill.
     
  10. shelly

    shelly TS Member

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    Oh yea sure it will replace the income tax. You betcha.
     
  11. Ahab

    Ahab Well-Known Member

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    Yeah! AND ... if you believe that ... I have a nice bridge for sale in Brooklyn!
     
  12. J.Woolsey

    J.Woolsey Member

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    It varied from 1% to 7%, based upon income levels 1913 to 1915.

    The site above shows the original instructions and the first forms.
     
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