H.R.4646 - Getting Screwed Again

[Edward]

House Bill, H.R. 4646 is a piece of legislation being proposed and passed around to various committees. It proposes to put a 1% tax on all financial transactions. This transaction fee would apply to checks, cash, credit cards, atms, stock and bond transfers, and retail and wholesale sales. The bill is referred to as the DEBT-FREE AMERICA ACT. There is mention that this "fee" would go to reduce the deficit and would be repealed after 2017. So here is another tax quietly squirming it's way through the socialist channels by a member of Congress!!! We must spread the word and voice our objections to our friends and lawmakers so that this travesty dosen't get past committees where it is currently. (Source: Google)

[RDennis]

You might want to read this, from snopes.com:

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

[jainen]

>>being proposed and passed around to various committees<<

Get real! "Google" is not a legitimate source for tax research. This bill is NOT before the current Congress, and died in committee in the prior session. The same can be said for hundreds of bills sponsored by both parties without any intention of passing, to score some political points but mostly to distract political opponents from genuine legislation.

I can tell you never paid any attention to what H.R. 4646 really said, because it would NOT have been "repealed after 2017." That was the phase-out period for the current income tax and AMT system, eliminated entirely by applying a 100% credit for any transaction fees paid.

[Lloyd Hudson]

>>being proposed and passed around to various committees<<

Get real! "Google" is not a legitimate source

for tax research. This bill is NOT before the current Congress, and died in committee in the prior session. The same can be said for hundreds of bills sponsored by both parties without any intention of passing, to score some political points but mostly to distract political opponents from genuine legislation.

I can tell you never paid any attention to what H.R. 4646 really said, because it would NOT have been "repealed after 2017." That was the phase-out period for the current income tax and AMT system, eliminated entirely by applying a 100% credit for any transaction fees paid.

HR 4646 has been replaced in the New Congress by HR 1125. Intro last March, no action as of last week.

[jainen]

>>HR 4646 has been replaced in the New Congress<<

So what? They haven't even passed a BUDGET since 2009. What are the chances of a total restructuring of our entire tax system this year?

[Lloyd Hudson]

>>HR 4646 has been replaced in the New Congress<<

So what? They haven't even passed a BUDGET since 2009. What are the chances of a total restructuring of our entire tax system this year?

I personally do not think it has the chances of an Ice Cube in Arizona but we have to have Reps who need to put somethng in the hopper to justify their existance. LOL

[Jack from Ohio]

I live in Congressman Boehner's Congressional district. If he and the majority in the House cave in, I will make it a #1 priority of mine to get him fired in 2012. This is not a drill!

[Lila Godel]

From http://www.fairtax.org/site/MessageViewer?em_id=27321.0

We are thrilled to anounce that for the first time, the

Committee on Ways and Means will hold a full hearing

on the FairTax legislation on Tuesday, July 26!

From http://www.fairtax.org/site/MessageViewer?em_id=27341.0

FairTax Hearing Update

At this time we're not certain a FairTax hearing will be

held on July 26 with the debt ceiling stalemate in

Washington, DC and the August recess approaching.

However, Chairman Camp promised a hearing on HR 25

and we expect it in the near future. While we work on

scheduling it, please encourage him take action soon by

signing the request here. Thanks you!