This bill was put forth by Rep. Chaka Fattah (D-PA). On January 1, 2012, the US government will be requiring everyone to have direct deposit for Social Security checks.
Watch for this after November elections; remember this before you vote. A 1% tax on all bank transactions is what HR 4646 calls for. Do you receive a paycheck, or a retirement check from Social Security or a pension fund and have it direct deposit? Yes, that is 1% tax on all bank transactions - HR 4646, every time it goes in and every time money goes out. Checked this on snopes, its true!1 Ask your congressperson to vote no. 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 own bank from one account to another, will have a 1% tax charged.
If your paycheck is $1000, then you will pay $10 just for the privilege of depositing your paycheck in your bank. Even if you hand carry your paycheck or any check in to your bank for a deposit, 1% tax will be charged. You receive a $5,000 stock dividend from your broker, 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. 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.
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 last year's banking statements. Then add the total of all those transactions and deduct 1%. Still think it's no big deal?
1 snopes.com: Debt Free America Act•••
Is the U.S. government proposing a 1% tax on debit card usage and/or banking transactions?
...It is true. The bill is HR-4646 introduced by US Rep Peter deFazio D-Oregon and US Senator Tom Harkin D-Iowa. Their plan is to sneak it in after the...
...moved beyond proposing studies and submitted the Debt Free America Act (H.R. 4646), a bill calling for the implementation of a scheme to pay down the...
...  by Rep. Chaka Fattah (D-Pa.). His "Debt Free America Act" (H.R. 4646) would impose a 1 percent "transaction tax" on every financial transaction...
Wed, 02 Nov 201111:27:37 GMT http://www.snopes.com/politics/taxes/debtfree.asp