Is this chatter true? 1% tax on bank deposits as of Jan 1st (Obamacare)
[2mater] cruiser familiar with the 'tax' that goes into effect January, 2013 - 1% on bank deposit - are they kidding?
[moonchild] 2mater not just deposits, it would apply to every transaction
[cruiser] 2mater do not know.
[2mater] cruiser and I think it says ANY bank deposit
[Digs] 2mater they snuck that in there along with the tax on when you sell your home....
not cap gains, but an actual tax on the sale of your home
[cruiser] 2mater have to look into that one. Thank you Digs for clearing it up.
[2mater] moonchild I think you're right = it does say any transaction - good Lord why is someone not making a HUGE stink about this ?
[Digs] my bad, the home sale tax was in the Obama Medicare Bill
[2mater] spades I understood for anything - even for example a direct deposit of social security check
[moonchild] 2mater because people are idiots. They think that 1% is not much, but it is if you make a deposit, and pay 1% the move funds from checking to savings, another 1%, then later on back to checking, another 1% etc...
[2mater] moonchild crazy - 1% of anyones monthly pay check is HUGE
[spades] 2mator you are correct on every transaction period .
[highlander65] moonchild agree 1% is a lot of money -- they had to come up with something to make more $$$ for themselves -- again!
If you happen to read the posts from these people above on Dinar Recaps, you'll find that they live in a place called Fantasy Land USA. They would lose a dinar debate as bad as Obama's debate loss to Romney the other night.
Analysis: Quite misleading. It's true (as of this writing) that there's a bill in the House of Representatives, the Debt Free America Act (H.R. 1125), which would impose a one percent tax on certain financial transactions if passed, and it's also true that the bill was introduced by a Democrat, Rep. Chaka Fattah of Pennsylvania (who introduced more or less the same legislation in 2010 as H.R. 4646).
However, the legislation has zero co-sponsors, nor has it ever been acknowledged, let alone endorsed or supported, by anyone in the Obama administration.
Moreover, contrary to what is repeatedly claimed in the email, under the proposed legislation personal bank deposits would not be subject to subject to the tax. Section 4501(b)(2) of the current version of the bill reads as follows:
EXCEPTIONS- The term ‘specified transaction’ shall not include--
(A) any transfer between accounts of the taxpayer, and
(B) any deposit into a personal account of an individual.
Like all previous iterations of the Debt Free America Act, the 2011 version isn't expected to be voted on, let alone passed by Congress.
Like Rep. Fattah's other Congressional efforts along these lines, his Debt Free America Act had no sponsors other than himself, languished in committee ever since it was introduced, and has about as much chance of passing as a snowball does of surviving hell. Thus, although e-mailed warnings about a "1% transaction tax" do reference a real piece of proposed legislation, the amount of attention those warnings have garnered vastly, vastly outstrips any real possibility that such legislation will actually be enacted.
Moreover, some of the additional details contained with such e-mailed warnings are erroneous:
•Neither "President Obama's finance team" nor Nancy Pelosi is "recommending a 1% transaction tax." The proposal for the Debt Free America Act is purely the effort of a single congressman, with no outside support.
•Neither Representative Peter DeFazio of Oregon nor Senator Tom Harkin of Iowa introduced the Debt Free America Act, co-sponsored it, or has publicly supported it.
•The included link that supposedly shows Nancy Pelosi endorsing the Debt Free America Act antedates the introduction of that bill to Congress; her comments actually refer to a different, earlier transaction tax proposed in December 2009 by Rep. Peter DeFazio. That bill, known as the "Let Wall Street Pay for the Restoration of Main Street Act" (H.R. 4191), called for the funding of investment in middle class jobs by levying small percentage value taxes on the buying and selling of stocks, futures, swaps, options and other securities. (Although Rep. DeFazio's bill had 31 co-sponsors, it too has since languished in committee without being brought to a vote.)