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New tax will sneak up on you

Reader Input
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Is that couple who are so enamored with Barack Obama (Reader Input, Oct. 23) aware that another new tax was slipped in while they were asleep? House bill HR 4646 is a 1 percent tax on all transactions at any financial institution — banks, credit unions, etc. Any deposit or a transfer within your account will have a 1 percent tax charged. Paychecks, Social Security, any direct deposit, will be charged 1 percent tax per transaction. A $1,000 paycheck nets Obama $10 for depositing your own paycheck in your account. Take your paycheck, any check into your bank for deposit, and 1 percent tax is levied. A $5,000 stock dividend; Obama takes $50 for depositing it in your bank. Take $1,000 cash to deposit at your bank, 1 percent tax will be charged. On Jan. 1 2012, everyone must have direct deposit for Social Security checks. Obama’s plan is to sneak it in after the November elections, keeping it under the radar. If anyone protests, they say, “Oh, that’s not really a tax, it’s a user fee!” Think this is no big deal? Go back and look at the transactions you made from one year’s banking statements. Then add the total of all those transactions and deduct 1 percent. Dale Smith, Auburn