Proposed H.R. 4646 In The United States: How It Could Affect You

Know more about H.R. 4646 now sitting to be reviewed to become law if approved by Congress and sent to President Obama. A transaction tax will be paying off the national debt if the Senate approves it and it becomes law.

H.R. 4646 is a United States tax bill waiting for approval to actually become law which can affect millions beyond just Americans. It is no secret to the world how the national debt in America is astoundingly high, furthermore what might be done to acquire the money to pay off that enormous debt. 

The proposed H.R. 4646 is a transaction fee. One does not have to be in America to feel the impact of that bill if President Obama and Congress tax a transaction in this American Act. Anyone who makes a money transaction in numerous forms such as: deposits, stock sales, check writing and credit card transactions will pay a 1% tax to pay the national debt. This will include automatic deposits of Social Security, payroll checks or other money activities where an actual transference of funds occurs without a person actually handling the dollars at all.

Fully reading the bill; it stipulates the way this tax will work. H.R. 4646 link is below with kinds of transactions the bill will include along with a shocking statement. It will be presented to phase out the income tax that Americans know well.

 Many Europeans already know VAT (value added tax) on goods and services in those countries as well as tourists and businessmen who have knowledge of this levy on everything. H.R. 4646 has been likened to that VAT for ease to understand and accept, yet bears little resemblance to VAT.  VAT  is only imposed on a portion of a transaction's value explained as roughly the difference between the cost of an item and the actual selling price.  1% is not objectionable to the state representatives who introduced this bill in past years, however those lofty recommendations got killed before they were accepted to go before the Senate so they died.

Controversary evolves with two Democratic Senators: Peter deFazio; from Oregon and Tom Harkin; from Iowa whether they introduced  H.R. 4646 or not. Studies were made in 2005,  in 2007 with one in 2009 and finally February 2010 labeling H. R. 4646 Debt Free America Act. Snopes, for those people who rely on that source can check the link below. The H. R. 4646 was the brain child of Representative of Pennsylvania Chaka Fattah who in 2004 requested funds to study which was then H. R. 3759 followed by H.R. 1601 in 2005.

Now debt free America is sought once again by politicians or at least the attempts to balance the budget is proposed with H.R. 4646 which could be a reality. The transaction tax will include such major purchases as houses and cars, just to name two.  If a car is $30,000 the transaction fee will be $300 as an example of the 1% fee. The transaction fee when signed into law will be taken without a person's consent not needing any authorization from the person who makes the transaction. 

Connecting with Senators of the state you reside in can inform those people who represent you what your position on H.R. 4646 is. Use the link below by selecting the government official from the menu to the left. Search much more so research can help completely grasp H.R. 4646 proposed by the United States to perceive how it might affect you where you live. Having been told this information, should the transaction tax be implemented, there will be no surprises where money is going if and when it becomes law.

Update September 23,2011- http://www.govtrack.us/congress/bill.xpd?bill=h112-1125

Resources:  http://www.opencongress.org/bill/111-h4646/text

                    http://search.atomz.com/search/?sp-q=H.R.+4646&getit=Go&sp-a=00062d45-sp00000000&sp-advanced=1&sp-p=all&sp-w-control=1&sp-w=alike&sp-date-range=-1&sp-x=any&sp-c=100&sp-m=1&sp-s=0

                     http://www.snopes.com/politics/taxes/debtfree.asp

                     http://www.usa.gov/Contact/Elected.shtml

Photograph:  Liberty Bell courtesy photobucket.com

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