VOTE IN LAME DUCK CONGRESS EXPECTED FOR 1% TAX ON INCOME
Dems propose to pass a bill called “Debt Free America” or hr 4646 in the lame duck session of congress after the November elections. The bill states on page 9 the vote for passage must occur no later than December 23,2010.
Introduced by US Rep Peter DeFazio D-Oregon and US Senator Tom Harkin D-Iowa, the bill is now in committee and will probably be presented after the November elections. All transactions by cash,check or credit card will incur a 1% tax. If your monthly expenses are $3200 you will pay $32.00 a month or $384.00 more a year. If you put money into a savings acct. or withdraw the money, you will be taxed 1%. A $24,000 car will cost an extra $240.00. Wall Street is protected. Stock purchases are exempt. Supposedly the federal income tax will be phased out in 2017. Ha! Ha! Anyhow, it may start at 1% and then increase. The originial income tax started at 1%.
All 15 pages of the bill can be found at http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.4646:. More info can be found at Open Congress and Govtrack.