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Can This Be The Holdup?

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Post by MidnightRider Thu Nov 24, 2011 9:26 am

I have gotten several emails over the past months about a new 1% bank transaction tax that was buried within O'Care. It states that "ANY" bank transaction will incur this fee whether a deposit, withdrawal, transfer between accounts, IE..savings to checking.

Since I am reading much that O is holding this up, might this be the strategy, hold off the RV until this fee kicks in? Think about it, 1% of what we hopefully have coming and it is deposited and then you go moving it around and before you know it, the banks have the bulk of our money. We know the governments' allegiance is not to the people who pay the bills but to the people who can feather their own beds, so to speak.

If this is the case, I am thinking we all need to invest in some major secure safes and let them get 2% (1 in and 1 out) and deal in cash. Tongue in cheek thought of course.

Anyone have any insight as if this fee is indeed buried in O'care? That's an oxymoron now that I look at it. "o" and "care."

And if this is the holdup, it is a holdup as in the wild west days.

God Bless!!
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Post by Guest Thu Nov 24, 2011 9:42 am

do you know what section in O'care that 1% is stated?

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Post by MidnightRider Thu Nov 24, 2011 10:02 am

AJAnderson wrote:do you know what section in O'care that 1% is stated?

I went back to an email that I found from September and it said it was HR4646.

This particular email said it was to be enacted in 2012 but did not tie it to O'care.
I have gotten several emails on this and some have tied it to O'care.

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Post by MidnightRider Thu Nov 24, 2011 10:13 am

I did a little more research on this and found this so guess I answered my own question.
That is a relief!!

There was a bill in the 111th Congress, House Bill, HR-4646, the Debt Free America Act, that was introduced on February 23, 2010, but it died in committee and was never voted on or passed into law.




Last edited by MidnightRider on Thu Nov 24, 2011 10:17 am; edited 2 times in total
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Post by Guest Thu Nov 24, 2011 10:13 am

Here's the law! i would think the banking institution would challenge this.

SEC. 4501. IMPOSITION OF TRANSACTION FEE.
`(a) In General- There is hereby imposed on every specified transaction a fee in an amount equal to 1 percent of the amount of such transaction.
`(b) Specified Transaction- For purposes of this chapter–
`(1) IN GENERAL- The term `specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.
`(2) TRANSACTION- The term `transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.
`(c) Liability for Fee- Persons become liable for the fee at the moment the person exercises control over a piece of property or service, regardless of the payment method.
`(d) Collection- The fees will be collected by the seller or financial institution servicing the transaction and shall be paid over to the Secretary. In the case of a person who fails to collect and pay over the fee as required under this subsection, such person shall become liable for the fee not so collected and paid over.
`(e) Potential Exclusions- Subsection (a) shall not apply to transactions involving stock (and any options or derivatives with respect to stock) until–
`(1) such time as the United States enters into an international agreement that regulates domestic and international stock exchanges, or
`(2) the Secretary issues recommendations regarding the application of the fee as it applies to stock.
`(f) Regulations- The (UNELECTED) Secretary (BUREAUCRATS) shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including regulations or other guidance which require reporting of such information as the Secretary determines appropriate to prevent under reporting of the amounts on which a fee is imposed by this section.’.

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Post by Guest Thu Nov 24, 2011 10:18 am

MidnightRider wrote:I did a little more research on this and found this so guess I answered my own question.
That is a relief!!

There was a bill in the 111th Congress, House Bill, HR-4646, the Debt Free America Act, that was introduced on February 23, 2010, but it died in committee and was never voted on or passed into law.



Thats a good thing. Thanks to the republicans!

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Post by MidnightRider Thu Nov 24, 2011 10:22 am

"Thats a good thing. Thanks to the republicans!"

Amen to that brother!!
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Post by 1alaskan Thu Nov 24, 2011 6:20 pm

If you read the bill closely, it would have been a 1% for both in and out transactions,



So really it would anount to a 2% tax on everything as business' would just pass the costs along.

*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant


Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

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