Are you willing to pay more taxes? House bill HR 4646 is a proposed new taxation that will give the government 1 percent of each transaction you make with your money. Do you want it? Can you afford it?
Consider that on any move you make of your money, you will be charged a 1 percent tax. Using your credit card? A 1 percent tax on the transaction. Transferring money from your checking account into your saving account? A 1 percent tax. Transferring your money from your savings account into your checking account? A 1 percent tax. Is your social security check being directly deposited? A 1 percent tax automatically deducted. Writing checks on your social security deposits? A 1 percent tax.
Let’s say you make a $5,000 deposit. You will pay $50 to make that deposit. OK, you decided to move that money into your savings account. You will pay $50 to make that transfer. Now, a couple of weeks later you need to place that money back into your checking account. Another $50 charged. Does that $150 read 1 percent? Not in my dictionary.
Now, consider the use of writing a check on this money to pay a credit card bill. Yep, 1 percent more out of that account.
Now consider, is it only going to remain at 1 percent? Don’t count on it. This proposal is being placed by a man (Rep. Chakah Fattah, D-Penn.) who said if you did not make a minimum of $250,000 you would not be taxed. What has the lower minimum wage become already?
Gordonsville, TN 38563