Everyone in America is being set up for a 3 percent tax, and most don’t even know about it.
On Feb. 23, 2010 a bill was introduced in the House of Representatives that will tax every monetary transaction made by anyone in the U.S. This bill must be voted on by Dec. 23, 2010, yet very few people have ever heard of it.
The bill is called “HR 4646: Debt Free America Act.” It contains 15 pages, but the first three pages contain the sum and substance of the bill. The remainder deals with committees, task forces, reports, etc. Anyone can pull it up on the Internet, or ask an accountant or financial planner about it. The wording is simple and easy to understand.
In a nutshell, the bill establishes a 1 percent fee (tax) for every transaction made by anyone. A transaction could be receiving a paycheck, cashing or depositing same, charging anything, and paying cash for anything. Even direct deposit is a transaction.
Inherently, this is a 3 percent tax. Example: Paycheck, $400.
Transaction #1: Receipt of paycheck, $ 4 withheld. Transaction #2: Deposit or cash paycheck, 3.96 withheld. Transaction #3: Write checks or spend cash, 3.92 withheld.
$11.88 has disappeared from the paycheck, theoretically to reduce the multi-trillion dollar debt. Whatever happened to “No one will ever see a penny of new taxes”?
Dick Wanzer
Peachtree City, Ga.
