Thursday, December 2, 2010

Good Morning, all. Cold here but the snow has ended. The trace was enough for Chicago to get its first official measurable snow fall. We (about 50 miles east) had a measurable fall about two weeks ago thanks to the lake effect. Kitty was not happy with that white stuff. He was very slow going out (just like your guys, Lois), didn't stay out long and came back in much faster than he went out.

I am looking up that proposed tax on bank transactions, Lois. I hadn't heard anything about it. Last February a Democratic Representative from Pennsylvania introduced H.R. 4646 (The Debt Free America Act) which would impose a transaction fee on all bank transactions (even moving money between your own accounts). The proceeds would be applied to the national debt at the same time the income tax would be eliminated. So far it is stuck in the House Finance Committee. says this is a 'hobby horse' bill reintroduced every year in some form by this particular legislator and has as much chance of passing as the proverbial snowball. It isn't supported by the President or his finance team. I have found quite a number of hysterical and/or angry posts on this. Those that refer to a specific bill all refer to the Debt Free America Act. Most have very misleading (a.k.a. FALSE) information such as listing Representatives as either authors or co-sponsors who are not the authors on this bill which has no co-sponsors or claiming that Pelosi or Obama or the Administration is behind the bill. So far, I haven't found any other piece of legislation that would impose anything similar. Since the author (Chaka Fattah) won reelection he will likely reintroduce this legislation in the new congress, as he has every year since 2004.

1 comment:

Kay Dennison said...

HR 4646 sounds like a non-starter to me because it would affect our Congress Critters, too. Those of us who live and die by our debit card (e.g.: moi) should keep an eye on this one.