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|10-31-2010, 11:36 AM||#1|
Join Date: Feb 2008
> This is well worth checking out.
> This is a copy of a e-mail that came across my desk that I thought the readers might be interested in.
> H. R. 4646
> I have gone into THOMAS
> (Library of Congress) and printed out and read all 15 pages of
> this bill which
> has been given the "Short Title" of "Debt Free America Act." It
> is the
> most socialistic thing I have ever read. Just think, if you
> $5,000.00 into your checking account or savings account the bank
> has to
> take out 1% or $50.00 of that money and send it to Washington .
> Then, any
> checks or cash you take out of your bank they will deduct 1%
> from what is still
> in the bank and send it to Washington . Total put in the Bank
> $100.00 of that you give to Washington .
> This bill, spells it out
> that everyone will pay the Government 1% of their gross income.
> Page 9 states
> the House and Senate shall convene not later than November 23,
> 2010 and Page 11
> states the vote on passage shall occur not later than December
> 23, 2010.
> you don't know who your Congressman or Senator is, go to Google,
> type in "(your
> state) Congressman email address". When it comes up, click on
> E-mail address for Congress/House, Senate, Governors and get
> both e-mail and FAX
> The bill is HR-4646 introduced by US Rep
> Peter DeFazio D- Oregon and US Senator Tom Harkin D-Iowa. It is
> now in
> committee and will probably not be brought out until after the
> Nov. elections.
> Suggest that you pass this along and also to your state senator
> representative and US Congressman and Senators.
> percent transaction tax is proposed
> President Obama's finance team is
> recommending a transaction tax. His plan is to sneak it in after
> the November
> election to keep it under the radar. This is a 1% tax on all
> transactions at any
> financial institution i. e. Banks, Credit Unions, etc.. Any
> deposit you make, or
> move around within your account, i. e. transfer to, will have a
> 1% tax charged.
> If your pay check or your social Security or whatever is direct
> deposit, 1% tax
> charged. If you hand carry a check in to deposit, 1% tax
> charged, If you take
> cash in to deposit, 1% tax charged. This is from the man who
> promised that if
> you make under $250,000 per year, you will not see one penny of
> new tax. Keep
> your eyes and ears open, you will be amazed at what you learn.
> will say aw it's just 1%... remember once the tax is there they
> can raise it at
> HR4646 is just one
> of many tax proposals targeted for the "Lame Duck" session right
> after the
> November election. Unfortunately that congressional session is
> a very
> dangerous time, with reps who lost the election having one last
> chance to do
> whatever they want before leaving office, and newly (re-)
> elected reps having
> two years for the public to forget and be distracted about
> whatever they did.
> Adding to the danger this year is the pending expiration of the
> Bush tax
> cuts, for which total inaction will mean a tax increase for
> nearly everyone.
> Furthermore, the report of Obama's Deficit Reduction Committee
> will be
> released, which will also be an impetus to bring all these bills
> Concerning transaction taxes alone, proposals have ranged from
> .025% (targeting primarily high frequency traders) to HR4646's
> 1%. Notable
> about HR4646 (and left out of the email below) is that the
> amount paid in
> transaction taxes would be creditable against income tax owed -
> meaning that
> unless you do a lot of transactions it is unlikely that the tax
> as proposed
> would result in a net increase in your total federal tax
> liability, BUT if the
> income tax goes up as well (see below) your total taxes could go
> up in a stealth
> manner. History also says that both the percentage of tax and
> allowable credit are likely to be "adjusted" in the future, and
> as all new taxes
> this one definitely warrants opposition.
> The even more worrisome tax
> proposal to be aware of in the lame duck session is a Value
> Added Tax (VAT tax).
> This would be a kind of national sales tax with a nominal range
> of 5% -
> 20%. The left wingers are salivating all over this potential
> source, as they have it in Europe and elsewhere and present it
> as just bringing
> America in line with the rest of the world. A VAT tax is
> difficult to calculate, and inflationary but otherwise mostly
> invisible to the
> average person on the street because merchants would be required
> to simply roll
> it into the sales price of whatever they are selling. I am far
> concerned about the possibility of a VAT tax than a transaction
> of these proposals are couched as offsetting a reduction,
> simplification, or
> elimination of the income tax. I'm all for eliminating the
> income tax, or
> short of that at least simplifying and reducing it. However,
> again looking
> at history if we allow a new tax without repealing the old tax
> AT THE SAME TIME
> IN THE SAME BILL, what we will end up with is both the new tax
> and the old tax.
> And often what they have in mind is to allow the Bush tax cuts
> to expire,
> thus increasing income taxes at the same time they introduce the
> new tax and
> make it creditable against the income tax - so it looks like
> you're paying the
> same or less income tax but you're also paying this new tax as
> well. But
> they get to claim the new tax does not result in additional
> total liability,
> because it is fully creditable against the income tax.
> Very slimy
> (what else would you expect?)
> Also bear in mind that the bill that passes
> will be far more dangerous than any of the bills currently out
> there you or I
> could look at, because it's almost certain that none of the
> bills in their
> current form will pass. Instead, like Obama Care, lame duck tax
> reform is
> likely to be an enormous bill running hundreds of pages,
> introduced mere hours
> before it is voted in based on secret back room deals, about
> which we find the
> details weeks, months, or years later.
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