One percent transaction tax is proposed


President Obama's finance team is recommending a 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 transactions 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.

 

White House spokesman Robert Gibbs seems to have forgotten that his boss has already broken his central campaign promise – a “firm pledge” that “no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”

Responding to a question during his daily press briefing today, Gibbs said, “The President believes raising taxes on the middle class during this economic time would not make a lot of economic sense.”

But President Obama has already broken his “firm pledge” at least eight times:

1.     156% Federal Tobacco Tax Hike (took effect April 1, 2009)

2.     10% Tax on Indoor Tanning Services (took effect July 1, 2010)

3.     The “Medicine Cabinet Tax” (takes effect Jan. 1, 2011)

4.     The HSA Withdrawal Tax Hike (from 10% to 20%) (takes effect Jan. 1, 2011)

5.     The“Special Needs Kids Tax” ($2,500 cap on FSAs) (takes effect Jan. 1, 2013)

6.     The Obamacare Medical Prosthetics and Devices Tax (takes effect in Jan. 1, 2013)

7.     The Medical Itemized Deductions Cap (from 7.5% to 10%) (takes effect Jan. 1, 2013)

8.     The Obamacare Individual Mandate Excise Tax (up to $2,085 or 2.5% of AGI) (takes effect Jan. 1, 2014)

And let’s not forget the 1% “Transaction Tax” that he desires – one percent of every financial transaction you are involved in.  That’s one percent of every one of your paychecks, your deposits, your withdrawals.

 

"Firm pledge" my astrolabe

Starting in 2011, next  year-the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided. It doesn’t  matter if you’re retired. Your gross income WILL go up by the amount of  insurance your employer paid for. So you’ll be required to pay taxes on a larger sum of money that you actually received. Take the tax form you just finished for 2009 and see what $15,000.00 or $20,000.00 additional gross income does to your tax debt. That’s what you’ll pay next year. For many it puts you into a much higher bracket. This is how the government is going to buy insurance for 30,000,000 (including illegal aliens) who don’t have insurance and it’s only part of the tax increases. Also, you can go to Kiplinger’s and read about the thirteen (13) tax changes for 2010 that could affect you.

 

This change is a redefinition of your taxable income. 

 

Maybe you remember that Mr. Obama as a candidate swore not to raise taxes on anyone making less than $250,000 a year, and ironically, one of the main reasons Obama was elected over McCain was that Democrats pointed out that McCain would tax medical insurance if elected. 

 

Remember the words of Nancy Pelosi:  ”We have to hurry and pass this HealthCare Bill ’so we will know what is in it.”  NOW YOU KNOW.