As if the out of work public can support it or this dead horse of an economy can handle it Rep. Chaka Fattah (D-PA) has introduced a new bill, H.R. 4646: The Debt Free America Act, which proposes a 1% tax on all financial transactions. The bill plans to

“Amend the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument”.

Basically, this amounts to a 1% sales tax on EVERY SINGLE THING. If you take an automobile manufacturer into account who orders maybe a 1000 parts for each automobile it makes that 1% added each step of the way means the price of every car will skyrocket by the time it comes to market ready for the consumer, who also will have to pay another 1% assuming it will be affordable by then.

Also, take into account the financial consequences it will have on food production. Food will be taxed every step of the way from the sale of the seed to the time produce it purchased at the grocery store.  Unless you have those millions in the bank and food prices don’t matter to you I urge everyone to give their local congress critter an earful and tell them not to support this bill.

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