The House will consider a bill (H.R. 4646) during the lame-duck session that has the potential to confiscate almost all private assets.  That is a strong statement, but, it is not out of the realm of possibility.

H.R. 4646 would require that all transactions using a financial institution would be taxed at an amount of 1% of the amount of the transaction.  Chaka Fattah, a Democrat from Pennsylvania is the author and sponsor of the bill.  The effect of the bill is that  if you deposit your Christmas Bonus (remember those?) of $1,000 in the bank, a fee (tax) of 1% or $10 is collected (you only keep $990 of your money).  When you withdraw that money, whether in small amounts or in a lump, each transaction will trigger another 1% fee, or a total of $10 more.  That means the tax is actually a 2% tax.

The text of the act shows just how pervasive would be the “fee”:

(a) In General- There is hereby imposed on every specified transaction a fee in an amount equal to 1 percent of the amount of such transaction.

‘(b) Specified Transaction- For purposes of this chapter–

‘(1) IN GENERAL- The term ‘specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.

‘(2) TRANSACTION- The term ‘transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.

If this were to pass, and if history repeats itself, just think what this could become.  Social Security was started at 1% of the first $1,400 of annual 
Income placed into the Program.  

Now 7.65% on the first $90,000 is taken by the state for your “Social Security.”  It is a sobering thought that a crazy bill like this could ever pass.

The good news is that to my knowledge, there are no co-sponsors to this bill.  The bad news is that there could be even a “1% chance” that it could pass.  It has been Introduced and it has been referred to committee.  I would suggest that you write your Congressman (see easy links in the left hand column) to show your disdain for anyone who would consider voting for such a plan, just in case it it could see the floor of the House for a vote, let alone get out of committee.