Coming? A Transaction Tax!

One 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 transaction(sic) at any financial institution i. e. Banks, Credit Unions, extra. 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."  Emphasis added. Hat tip to Janie Sanford, California.

The Tainted Transaction Tax "Even if Congress could somehow “exempt” individuals with a refund, institutions would still have to pay the tax. Mutual funds, which conduct million of trades every year, will be forced to pass along these costs to investors in higher management fees or lower returns or both. This is why Dr. Litan correctly labeled the transaction tax a “direct hit on Main Street investors.” " Forbes

Lanny Davis Calls For A ‘Transaction Tax’ "One idea for raising taxes to pay down the debt is the bill introduced this February by Rep. Chaka Fattah (D-Pa.). His "Debt Free America Act" (H.R. 4646) would impose a 1 percent "transaction tax" on every financial transaction — whether paid by cash, credit card or any form of financial transfer, the only exception being transactions involving the purchase or sale of stock. Theoretically, everyone would pay one cent on the dollar for every such transaction in America every day — whether $3 million on a $300 million business acquisition, $300 on the purchase of a $30,000 car, or $5 on a $500 ATM withdrawal."

H.R. 4646: Debt Free America Act  "To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals."  http://www.govtrack.us/