The POPVOX Blog

What about HR 4646 -- the 1% tax on financial transactions?

"HR 4646" has consistently been a popular bill search term on POPVOX, even though no current bill numbered HR 4646 exists. POPVOX users searching for HR 4646 tell us that they are looking for an Obama Administration proposal that would create a 1% tax on debit card usage and banking transactions. For the most part, they heard about this bill from a mass email forwarded to them.

The Obama Administration has not proposed or recommended placing a 1% tax on financial transactions. In fact, the rumor has been so widely circulated, that Snopes even covered it.

Another mass email, which has been circulating across the Internet, suggested that the transaction tax bill was introduced by Representative Peter DeFazio and Senator Tom Harkin. According to the mass email, every financial transaction -- from bank withdraws to paycheck deposits -- would be taxed at 1% in an attempt to eliminate the federal deficit. According to Rep. DeFazio, neither he nor Senator Harkin have endorsed this proposal or related legislation. (Read Rep. DeFazio’s statement.)

But the 1% transaction tax proposal does exist -- and it has been introduced in this Congress.

Representative Chakah Fattah introduced the 1% transaction tax in his bill, the Debt Free America Act. In the 111th Congress, this bill received the bill number HR 4646. (Read comments from POPVOX users.)

In the current Congress, Rep. Fattah re-introduced the Debt Free America Act on March 16, 2011. Its new bill number is HR 1125. You can weigh in on POPVOX at https://www.popvox.com/bills/us/112/hr1125

 

UPDATE: As of April 25, 2012, there is an H.R. 4646 pending in the current 112th Congress. The bill, introduced by Rep. Sanford Bishop, would provide for the temporary suspension of duties on certain grill brushes. https://www.popvox.com/bills/us/112/hr4646.

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