Kay Bailey Hutchison Reply on HR 4646 1% Tax on ALL Financial Transactions

Dear Friend:


Thank you for contacting me regarding H.R. 4646, the Debt Free America Act. I welcome your thoughts and comments.

Out-of-control spending has put the United States in a tenuous economic position. In fiscal year (FY) 2009, annual federal discretionary spending in the regular appropriations process surpassed $1 trillion for the first time in U.S. history, leading the federal government to a record $1.4 trillion deficit. Since then, spending has not abated. The federal government posted a $1.3 trillion deficit in FY 2010.

Our nation’s debt is on an upward trajectory, surpassing an historical $14 trillion benchmark in December 2010. The American people are tired of this excessive spending, and they do not see any relief. The U.S. Department of the Treasury estimates that it will borrow $362 billion for the first quarter of FY 2011 and another $431 billion for the second quarter, adding nearly $800 billion to the national debt.

During the 111th Congress, a number of proposals were suggested about how our nation should close these soaring budget deficits. One such proposal is found in H.R. 4646, the Debt Free America Act of 2010. Introduced by Representative Chaka Fattah (D-PA), this legislation would impose a one-percent tax on every financial transaction, whether paid by cash, check, credit card or other financial instrument. This tax could also be imposed on transactions involving the transfer of stock and bonds, subject to the recommendation of the Secretary of the Treasury.

Upon introduction on February 23, 2010, the Debt Free America Act was referred to the House Committees on Ways and Means, Budget, Rules, and Appropriations. H.R. 4646 was not considered by the full House of Representatives prior to the adjournment of the 111th Congress.

We need fiscal sustainability going forward. Yet raising taxes on hard-working Americans, especially during the current economic climate, is not the solution for fiscal sustainability. We must get our financial house in order, even if that means making tough choices. I believe that the best way to address our nation's long-term budget crisis is to reduce wasteful government spending. If initiatives are truly national priorities that need to be addressed, I believe we should find a way to budget and pay for them by cutting back in other areas.

You may be certain that I will continue to work toward responsible spending cuts. I will also keep pushing for smaller government, a balanced federal budget, and lower taxes on families and small businesses.
I appreciate hearing from you. I hope that you will not hesitate to contact me on any issue that is important to you.

Sincerely,
Kay Bailey Hutchison
United States Senator
284 Russell Senate Office Building
Washington, DC 20510
202-224-5922 (tel)
202-224-0776 (fax)
http://hutchison.senate.gov/

SEE:  "Naw, He Ain't Going to Raise Taxes on the Poor and the Middle Class"

UPDATE:

This is a prime example of why you ALWAYS have to check things out no matter where they came from.  I did not check this out.  Just skip anything on HR 4646.  Look here:  ~ Faye

H.R. 4646: Debt Free America Act

111th Congress: 2009-2010

To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

Sponsor: Rep. Chaka Fattah [D-PA2]

This bill never became law. This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books. Members often reintroduce bills that did not come up for debate under a new number in the next session.

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

NAW...HE AIN'T GOING TO RAISE TAXES ON THE POOR OR THE MIDDLE CLASS

Keep in mind.... every deposit PLUS every withdrawal gets the 1 % hit. So.... your direct deposit pays a fee/tax for each action, costing you 2% of your financial activity: 1% when it comes in plusanother 1% when it goes out.


NOT A RUMOR...... HR 4646

1% tax on all bank transactions

Watch for this AFTER November elections; remember this BEFORE you VOTE ... in case you think Obama's looking out for your best interest.

1% tax on all bank transactions HR 4646

This government just cannot think of enough ways to hurt the American people! This Bill must die FORWARD THIS TO EVERYONE YOU KNOW!!

1% tax on all bank transactions HR 4646 - ANOTHER NEW OBAMA TAX SLIPPED IN WHILE WE WERE ASLEEP.

Checked this on snopes, it's true! Check out HR 4646.
President Obama's finance team is recommending a one percent (1%) transaction fee (TAX). Obama's plan is to sneak it in after the November elections to keep it under the radar.

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 account, will have a 1% tax charged.

~If your paycheck or your social security or whatever is direct deposit, it will get a 1% tax charged for the transaction.

~If your paycheck is $1000, then you will pay Obama $10 just for the privilege of depositing your paycheck in your bank.

Even if you hand carry your paycheck or any check into your bank for a deposit, 1% tax will be charged.

~You receive a $5,000 stock dividend from your broker, Obama 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.

~ Mind you, 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 about this guy's under-the-table moves to increase the number of ways you are taxed.

~Oh, and by the way, 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. Remember, any money, cash, check or whatever, no matter where it came from, you will pay a 1% fee if you put it in the 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???

snopes.com : Debt Free America Act

ALERT: Congressional members e-mail addresses:

Senator John Cornyn

Senator Kay Bailey Hutchison

U.S. Represenative Mike Conaway

My letter to them:

Dear Honorable (Senator/Representative) ___________:

HR-4646, the Debt Free America Act, has been introduced by US Rep Peter deFazio (D-Oregon) and US Senator Tom Harkin (D-Iowa).  This bill calls for the implementation of a scheme to pay down the deficit by again taxing the American public without making any provisions for our government to reduce their own out-of-control spending and has now moved beyond proposing studies with plans to pass it AFTER the November elections. HR 4646 would impose a 1 percent tax on ALL financial transactions, rich, poor, and middleclass Americans. 

Our debt situation is serious, but for our own government to again tax the American public while supporting undeclared wars, financial aid to countries that regard us as enemies, funding federal grants for such projects as studying shrimp on exercisers and to find out if South American prostitutes' libidos are affected by the ingestion of alcohol, and supporting the U.N. when it's obvious they hate our Republican form of government and intend to take it down, is absolutely outrageous.  The plan to present it AFTER the November elections is more of the game-playing in D.C. that has so offended the American public and resulted in the lowest opinion ever of Congress. 

I ask that you work against this bill and to take the credit card away from the screwy, spoiled brats in D.C. and try your utmost to restore adult fiscal responsibility.

Sincerely,
Faye Hall

UPDATE:



This is a prime example of why you ALWAYS have to check things out no matter where they came from. I did not check this out. Just skip anything on HR 4646. Look here: ~ Faye

H.R. 4646: Debt Free America Act

111th Congress: 2009-2010

To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

Sponsor: Rep. Chaka Fattah [D-PA2]

This bill never became law. This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books. Members often reintroduce bills that did not come up for debate under a new number in the next session.

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


Actually, it looks like a flat tax that supposedly would have progressively gotten rid of the IRS.  And sponsored by a Democrat, no less.  There were several things in it that I found suspect, however. ~Faye