THE "SKINNY" ON THE 1% TRANSACTION TAX

Today I received an email regarding an alleged proposal by Obama/Pelosi to charge a 1% Transaction Tax on all financial transactions, every bank deposit/withdrawal, transfers within accounts, credit card transactions, ATMs, direct deposits, Banks, Credit Unions, Mutual Funds, Brokers, real estate, etc. Any financial transaction, the tax would apply.

I thought, well, this is something everyone should know about, but as I always do, I checked the facts before publishing the information in this blog. So these are the facts on this subject.

In February Rep. Fattah (Liberal Dem from Pa) introduced his "Debt Free America Act." Contained within this act is a proposal for the 1% transaction tax cited above. The act is pretty radical and has not gained any traction in Washington within either party. So far Fattah has found no one who would sign onto the bill with him.

So it appears that as of now the 1% transaction tax is not going forward full steam ahead. Snopes says the rumor about the tax isn't true, but Snopes can be notoriously wrong on political issues. Their political slant is usually Left/Liberal. Therefore they debunk things that are actually true. I tend not to trust Snopes.

But in this case Fact Check.org has also said a 1% transaction tax has not been passed and is not endorsed by the administration at this time. And they are correct. It has not been passed - yet.

But Beware, Friends. Listen to what Pelosi said about this tax at a news conference just last Thursday:

“I believe that the transaction tax still has a great deal of merit.” The tax would be a "great source of revenue that has a really minimal impact on the transaction but a tremendous impact on helping us meet our needs.”

Only a Democrat would believe that a tax would have a "really minimal impact" on us. She is just a blithering fool.

And you all know what this means. The 1% Transaction Tax is Not A Going-Nowhere Issue with Pelosi and the Democrats. Though it has not been passed into law, Pelosi likes the idea. That spells t-r-o-u-b-l-e for us.

It’s a hint here, a suggestion there, a gentle nudge, and then a stronger nudge, and pretty soon a 1% Transaction Tax becomes law before the American public knows what hit 'em. In spite of what Snopes and Factcheck say, I will be watching this issue. So should you.

In the meantime we can Throw The Bums Out.

Fire Them in November!