HR 4646 - help

[asjr]

Does anyone know about HR 4646? My sister emailed me. She received a note from one of her "right" friends who said it is a transaction tax of 1% Obama is trying to put through where any transaction you make at a financial institution will cost 1%. Depositing social security checks will be charged 1% each month. I realize anything is possible these days but this just does not sound kosher.

[jtuck004]

1. The bill exists, but...

From the little I read it would credit any income tax you owe, but it sounds a little far-reaching...

Snopes.com, a site that researches urban legends, in fact rates the e-mail as a "mixture" of fact and fiction. HR 4646 exists, the site says, but its passage is hardly imminent. The bill has only one sponsor and has languished in committee since its introduction in February.

PolitiFact, investigating a variant of the same hoax, wrote "H.R. 4646 had no support — and certainly not from Obama's "finance team.'"

More http://www.cleveland.com/consumeraffairs/index.ssf/2010/10/hoax_emails_run_gamit_from_pro.html">here...

The story has some good links on checking out other rumor-mill fodder...

[asjr]

3. Thanks, I have forwarded your reply to her. Anytime

she can get one over on her "friend" she is happy.

[Motown_Johnny]

2. I found some info on it

http://www.govtrack.us/congress/bill.xpd?bill=h111-4646&tab=summary


^snip^


2/23/2010--Introduced.
Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines "transaction" to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions. Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations. Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act.







I don't see this passing. To early to panic.

[Bigmack]

4. Be sure to point out to your sis...

to pass on to her friend that somebody made up this lie and sent it out to the suckers. How can the friend trust any of the crap she gets from those sources?

[Vir]

5. It's not a lie

There really is a bill HR 4646. It really does tax all
transactions. The only "lie" is the amount of
support it is getting -which hasn't been debunked, and may
even be true. So the comments about making up a lie and
sending to suckers isn't supported by anything mentioned in
this blog.

It looks more like a Republican bill than something the
Democratic party would support. The goal is to eliminate
personal income tax so no more capital gains taxes, gift
taxes, etc. It would be the ultimate flat tax -a sales tax on
everything and everybody. Since when does the Democratic party
support everyone at all income levels paying the same
percentage of tax? 

The definition if "transactions" in the above post
is circular -so there's really no telling what all is
considered a "transaction" under the bill. I'll have
to go read it, as I hope everyone here does.