OBAMA TAXES HAVE GONE WAY UP THE WAZOOO!!!
PLUS they're SNEAKING AROUND IN YOUR ACCOUNTS!
*ALERT: 1% Tax On ALL Bank Transactions H.R.4646* ON JANUARY 1st, 2012, THE GOVERNMENT IS REQUIRING EVERYONE TO HAVE DIRECT DEPOSIT FOR S.S.A. CHECKS. WONDER WHY?: 1% tax on all bank transactions H.R.4646
Watch for this AFTER November elections! Remember this BEFORE you VOTE in case
you think Obama's looking out for your best interest.
1% tax on all bank transactions H.R. 4646
This government just cannot think of enough ways to hurt the American people! I
sure hope this dies!!!!!
FORWARD THIS TO EVERYONE YOU KNOW!
1% tax on all bank transactions H.R. 4646 - ANOTHER NEW OBAMA TAX SLIPPED IN
WHILE WE WERE ASLEEP. Checked this on snopes, it's true! Check out H.R. 4646.
President Obama's finance team is recommending a one percent (1%) transaction fee
(TAX). Obama's plan is to sneak it in after the November elections to keep it
under the radar.
This is a 1% tax on all transactions at any financial institution -- banks,
credit unions, savings and loans, etc. Any deposit you make, or even a transfer
within your account, will have a 1% tax charged.
-~If your paycheck or your social security or whatever is direct deposit, it will
get a 1% tax charged for the transaction.
~-If your paycheck is $1000, then you will pay Obama $10 just for the privilege
of depositing your paycheck in your bank. Even if you hand carry your paycheck or
any check into your bank for a deposit, 1% tax will be charged. ~You receive a
$5,000 stock dividend from your broker, Obama takes $50 just to allow you to
deposit that check in the bank.
-~If you take $1,000 cash to deposit at your bank, 1% tax will be charged.
Mind you, this is from the man who promised that, if you make under $250,000 per
year, you will not see one penny of new tax. Keep your eyes and ears open, you
will be amazed at what you learn about this guy's under-the-table moves to
increase the number of ways you are taxed.
Oh, and by the way, if you receive a refund from the I.R.S. next year and you
have it direct deposited or you walk in to deposit that check, you guessed it:
You will pay a 1% charge of that money just for putting it in your bank! [[and/or
cashing it!??]] Remember, any money, cash, check or whatever, no matter where it
came from, you will pay a 1% fee if you put it in the bank.
Some will say, oh well, it's just 1%. Are you kidding me? It's a 1% tax increase
across the board. Remember, once the tax is there, they can also raise it at
will. And if anyone protests, they will just say, "Oh, that's not really a tax,
it's a user fee"! Think this is no big deal? Go back and look at the
transactions you made on one year's banking statements. Then add the total of all
those transactions and deduct 1%. Still think it's no big deal?
"A government big enough to give you everything you want is also big enough to
take away everything you have."-- Barry Goldwater
snopes.com: Debt Free America Act
Is the U.S. government proposing a 1% tax on debit card usage and/or banking
It is true. The bill is H.R. 4646 introduced by U/S/ Rep Peter deFazio D-Oregon
and U/S/ Senator Tom Harkin D-Iowa.
Their plan is to sneak it in after the [...] moved beyond proposing studies and
submitted the Debt Free America Act (H.R. 4646), a bill calling for the
implementation of a scheme to pay down the...
...  by Rep. Chaka Fattah (D-Pa.). His "Debt Free America Act" (H.R. 4646)
would impose a 1 percent "transaction tax" on every financial transaction...
The new ObamaCare1099 rule for reporting of all cash, credit and check
business transactions of $600 or more is scheduled to begin January of 2012.
This is really an extension of the 2008 Housing and Recovery Act IRS Rules
that start this January when merchant banks and PayPal will report business
sales directly to the IRS (the reporting threshold is $20,000 and 200
transactions a year). So keep count of your payments. Head for 200, you
have them mail you a check! What's nice is that gray area UNDER 20k. Just
the right size for a GUERILLA CAPITALIST TO SLINK THROUGH!
So although they say that these new IRS rules will affect every American..
(cough) that may not be YOU.
. Income tax collection could rise by as much as $345 billion a year
. Small businesses will be crushed and unemployment will rise
. A cashless economy is further set in motion
. IRS snooping and audits will increase
. Gold can be tracked
. Identity theft is a risk
. Government surveillance will increase
What I consider really dangerous is the new BABYSITTER BILL. California has led the nation in PUNITIVE-TO-ENTERPRISE taxes/ licenses fees and this is a biggie. Will stop puhlenty of parents from getting a job. Maybe it's just a TORTURE TEST law but it's one that will STOP WORKING single MOTHERS DEAD AND vampirishly, create a REVENUE stream from new types of fiched workers! This NEW "AU PAIR" LAW makes anybody who receives a GOV STIPEND for baby care absolutely required to HIRE or EMPLOY A "UNION BABYSITTER" or NURSE who by law must be given rest breaks every two hrs. Meaning you must HIRE TWO OF THEM. Those girls' income is then up for grabs too. FICHED! The parent just totally loses the ability to find a worker for child care. And weback ethnics can't babysit any more. Nor can grannies on social Security. (Fed can dock the senior for having earnings!) RESULT: costly daycares must be used and there aren't enough of them. THOSE already are fiched.
THE TAX GAP
ObamaCare requires that businesses and self-employed individuals submit 1099
forms to the IRS for all business purchases of $600 or more. The stated
purpose for this is to close the 'tax gap' which is the difference between
the amount of what is "owed" and what is paid, due to lack of reporting and
under-reporting, and is estimated at $300 billion dollars a year. Last
week, the Senate failed to repeal the ObamaCare 1099 rule because they could
not agree on how to make up the "lost" revenue that would be generated from
strict reporting, which they estimated to be $19 billion over 10 years,
which is a GROSS underestimate.
A document from the Senate Committee on Finance in 2009 states that the
intention is to close the tax gap (estimated at $345 billion here). If the
IRS is 100% successful, they will collect $345 billion a year in extra tax
The key issues are under-reporting and non-reporting, so the government's
remedy is to require voluminous detailed record keeping and reporting by
businesses and private contractors. They want to monitor how much each
business brings in and how much they spend, almost down to the penny (or
According to the Senate document, the IRS targets businesses with assets
under $10 million for the 1099-MISC forms, as they found that only 8% of
them file the forms. The IRS expects the so-called "voluntary" income
reporting rate to jump from the current 46% to 95%. This means that the IRS
aims to collect $345 billion a year by requiring mountains of detailed
paperwork from businesses and independent freelancers. Individual filers
are also targeted by the IRS. Traditionally, the IRS 1099-MISC form has been
used primarily to report independent contractor income (a service), but it
now includes the sales of goods totaling $600 or more in course of business.
The purchaser or buyer is responsible for issuing 1099 forms for all
business transactions. However, this rule applies only to business
exchanges, so individuals will be spared from collecting 1099 forms from
grocery stores, for example, if the purchases are for personal use and
outside of business.
The new measure is reported to have been waiting in the wings for the right
opportunity and now that it is law, and with so much money on the line, it
will be almost impossible to repeal. Even if it was repealed, the Housing
Recovery Act, a companion to ObamaCare tax laws, goes into effect January
THE HOUSING AND ECONOMIC RECOVERY ACT OF 2008 (HR 3221)
Originally, the 2008 Housing Act required merchant banks and third party
processors to report volume business sales of $600 or more to the IRS, but
PayPal pressured Congress into raising the reporting threshold to 200 credit
transactions and payments over $20,000 a year. Any business that uses a
merchant bank account or third party network like PayPal with 200 credit
transactions and sales of $20,000 or more needs to keep meticulous records
because their financial data will be sent directly to the IRS. This begins
This new provision will allow the IRS to supervise credit and debit payment
streams that were formerly difficult to track. In the past, the IRS needed
a subpoena from a judge to get information from merchant accounts. Now the
IRS can spy on merchant accounts and audit without notice. Further, the IRS
can guesstimate cash sales based on credit sales and compare those to
similar businesses. If the IRS deems the cash sales as being too low, it
could trigger an IRS inquiry or audit.
Because merchant banks and third party processors will send data directly to
the IRS, they will have access to information not only on the sellers, but
also the BUYERS! The volume aggregate sales will be sent directly to the
IRS, but records of individual sales will be stored as back up data so the
IRS may have access to individual buyer information.
Taxation is a function of government, but now banks and third party
processors are part of the equation. Identity theft is a risk for self
employed individuals and small businesses that use their Social Security
numbers as Tax ID numbers with the new bank tracking system.
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OBAMACARE AND THE DEATH OF CASH
Close to 60% of Americans oppose ObamaCare and the new 1099 reporting is a
way to offset the cost. While the IRS contends that this is not a new tax,
it can be argued that it is new because of the 1099 reporting now includes
of sales of goods. Even if some States, businesses and individuals reject
ObamaCare and want to opt-out, the taxpayer is still stuck paying the bill.
The IRS is the enforcer of ObamaCare. The IRS has the power steal money from
bank accounts, garnish wages, put people in jail and some IRS agents carry
ObamaCare reinstates the original $600 credit sales reporting rules of the
2008 Housing Bill and massively expands it by mandating that EVERY business
transaction of $600 or more, whether it is cash, check, credit, or any other
thing used for payment, to be reported to the IRS with 1099 forms.
For example, if a freelancer buys more than $600 dollars worth of office
supplies over the course of a year from Staples, the individual will be
required to 1099 Staples and to collect their Tax ID Number.
Additionally, small businesses and self-employed individuals will receive a
1099 form from each business that they sold over $600 worth of goods or
services and will have to supply their Tax ID or Social Security Number to
Doug Shulman, IRS Commissioner, said that credit card and debit card
purchases will be exempt from reporting with the 1099 forms because payment
processors will already be reporting the transactions to the IRS. Under the
guise of eliminating the burden of paperwork for small businesses and
independents, this is really a step toward a cashless economy because people
will want to avoid the extra paperwork and will embrace electronic
PayPal stands to benefit tremendously from a cashless economy and increased
Imagine a cashless economy where the banks are in charge of access to your
money. Recently, the National Australia Bank's had a computer glitch that
left millions of people unable to get their own money. Do the bankers
really need any more power?
Cost of ruining small business...$600
Cost of government stupidity...Trillions
Dreams of the American people waking up and taking action......Priceless
For everything else, there's MasterCard
GOLD AND SILVER
Gold and other precious metals will also be subject to the new rules,
enabling the IRS to track gold ownership. Currently, gold is easy to
transfer without tax because its value is intrinsic, or contained within the
According to the ObamaCare mandate, when precious metal dealers buy jewelry,
coins or bullion from businesses or individuals they will be required to
submit a 1099 form with Tax ID numbers or Social Security numbers from the
sellers, which includes private individuals.
The government has expanded the power of the IRS in order to collect revenue
that could be as high as $345 billion in taxes a year. The IRS is expected
to add 16,500 new auditors, examiners and support staff. In 2009, the IRS
employed over 93,000 people which includes 50,000 employees that work in the
IRS examination, collection and investigation fields. The IRS spent only 50
cents for every $100 it collected.
In 2009, about 150 million income tax returns were filed and over 70 million
people, or 42%, owed no income tax due to tax credits, deductions and
exemptions, which are forms of welfare.
It is estimated that up to 30 million people do not file income tax returns
at all. About 10 million of these people have paper trails following them
because they receive W-2 or 1099 forms. The other 20 million deal in cash,
have no records for wages or pensions or are affluent non-filers. However,
failure to file a tax return can be like playing Russian roulette; while the
current IRS audit rate is only about 1%, that number will increase with the
addition of the 16,500 new agents.
WHO PAYS TAXES?
According to "The Great American Tax Dodge", the IRS is far more apt to go
after middle-income non-filers and does not fully investigate affluent
non-filers. The IRS uses the lame excuse that the rich may under-state the
taxes owed and that the IRS would prefer nothing over under-stated taxes. It
is more likely that the IRS avoids investigating the rich because they have
resources to oppose the IRS. The IRS is more apt to harass middle income
earners who pay fines easily without a fight.
In 2009, small businesses employed half (60 million) of private sector
non-agricultural workers; 15.5 million of those were self employed
individuals. The IRS collected $1.36 TRILLION from individuals and $395
billion from corporations in 2007.
Most large American corporations like GE, Exxon, Google, MicroSoft and
Berkshire Hathaway that have international operations pay very little or no
taxes at all. This is accomplished by routing money through foreign
countries with different tax laws and other loopholes.
While this may anger people, it is important to remember that corporations
pass taxation costs on to the consumer, so the people buying the products
bankroll corporate taxes.
The left/right paradigm is an illusion: Bush's Housing Bill of 2008 and
ObamaCare are companions. It is worth noting that both parties work
together to accomplish the same agenda. In this case, it is total financial
control, pressuring the middle class for hundreds of billions of dollars
more in taxes and moving toward an electronic-based economy that shuns cash.
This is a very important point because people must give up this illusion in
order to elect Constitutional leaders.
Many struggling small businesses will be crushed underneath the pressure of
painstaking record-keeping, productivity loss and increased taxes. Failure
of small businesses will create more unemployment. More unemployment will
result in more welfare and reliance on the government. The government will
then want more tax money.
The best way to cut the Gordian Knot is a clean sweep of these complicated
and unfair laws.
Right now, individuals have the choice to protect their assets and privacy
by turning away from credit and debit cards and trading in cash, precious
metals and barter. This would also bolster local economies.
The simplest way to get rid of ObamaCare is to forgo the lengthy repeal and
litigation processes. The States can nullify this new law even before it
goes into effect. If enough States nullify ObamaCare, it becomes invalid.
The 10th Amendment Center has written nullification legislation to get rid
The Corporate Excise Tax of 1909 is a separate animal from the 16th
Amendment income tax established in 1913. The cleanest way to eliminate IRS
tyranny is for the States to nullify the 16th Amendment because it opposes
the Constitution- it is a direct tax that fails uniform application.
The most accessible power lies with the States, so it is crucial to support
Constitutional leaders who will apply the Tenth Amendment.
. by David Nguyen
KEEP On GOOGLING OBAMA's NEW "transaction tax". His plan is to sneak it
in after the November election to keep it under the radar. This is a 1%
tax on all transaction at any financial institution i. e. Banks, Credit
Unions, extra. Any deposit you make, or move around within your account,
i. e. transfer to, will have a 1% tax charged. If your pay check or your
social Security or whatever is direct deposit, 1% tax charged. If you
hand carry a check in to deposit, 1% tax charged, If you take cash in
to deposit, 1% tax charged.This is from the man who promised that if you
make under $250,000 per year, you will not see one penny of new tax.
Keep your eyes and ears open, you will be amazed at what you learn. Send
this on to chums now. We'll be ready for them, the day they try that,
we'll all be in traffic with placards saying We already work for you
from JAN 1st to JULY 31st. ENUF ALREADY! Signed, Mad as hell an' gonna do
something about it!
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