There is a potential bill HR-4646 concerning a 1% tax on all bank transactions. This would be a very costly burden on all Americans. Why have I not seen anything about this on the news? - Patricia, Gloucester
Probably because this bill has virtually no chance of passing, and because the issue has been misrepresented by an email that’s been making the rounds for the last year or so.
That email says: “President Obama’s finance team and Nancy Pelosi are recommending a 1% transaction tax on all financial transactions. The bill is HR-4646 introduced by US Rep Peter deFazio D-Oregon and US Senator Tom Harkin D-Iowa.”
What’s true is that there is an HR-4646 that has been introduced a number of times since 2004 by Pennsylvania Rep. Chaka Fattah. It would create a 1% transaction tax as well as phase out the federal income tax. It’s referred to as The Debt Free America Act. The tax would be used primarily to pay down the debt. No other legislator has signed on as a co-sponsor and it’s never gotten out of committee.
So while the bill is real, the email is wrong. For more details on both those topics go here.
This is another one of those pain in the neck emails we all seem to get, at least in my opinion. I don’t trust anyone who distorts the facts on either side of the political aisle.
Do you get these emails and what do they say?