Have y'all heard about this? I received an email rumor, so decided to check it out.

Basically, it concerns HR-4646, a bill that has been introduced a number of times since 2004 by Pennsylvania Rep. Chaka Fattah. It would create a 1% transaction tax (to be used to pay down the government debt) as well as phase out the federal income tax. It’s referred to as The Debt Free America Act. No other legislator has signed on as a co-sponsor and it’s never gotten out of committee. HR4646 has died, but is now back as HR1125. The email slams Obama, but I took deleted that part of it in the excerpt below. Not that I care much for him, but from what I have read, he had no part in creating the bill... although I am sure he'd take advantage of it if it ever did actually pass!

Here is the excerpt from the email I received, which describes it in more detail:
~The transaction it refers to is every single time a financial transaction takes place, a 1% fee would be imposed. this includes all transactions at any financial institution - banks,credit unions, savings and loans, etc. Any deposit you make, or even a transfer within your own accounts, 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 $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, the gov't 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.
Think this is no big deal? Go back and look at the transactions you made on one year's banking statements. Then add the total of all those transactions and deduct 1% from that. Still think it's no big deal?
" A government big enough to give you everything you want is also big enough to take away everything you have." - Barry Goldwater


Here is a link to a CBS news article: Curious About A Possible New Tax? « CBS Boston
Here is the Snopes site: snopes.com: Debt Free America Act