If you think that the spending of the current administration is going to cause inflation, you are right, but not like this next idea of the Obama administration.
The bill is HR-4646 introduced by US Rep Peter deFazio D-Oregon and US Senator Tom Harkin D-Iowa. It is now in committee and will probably not be brought out until after the Nov. elections.
President Obama's finance team is recommending a transaction tax. His plan is
to sneak it in after the November election to keep it under the radar. This is a 1% tax on all transaction at any financial institution i. e. Banks, Credit Unions, extra. Any deposit you make, or move around within your account, i. e. transfer to, will have a 1% tax charged. If your pay check or your social Security or whatever is direct deposit, 1% tax charged. If you hand carry a check in to deposit, 1% tax charged, If you take cash in to deposit, 1% tax charged.This is from the man who promised that if you make under $250,000 per year, you will not see one penny of new tax.
On an income of $5000 a month that is direct deposited to a bank account, there would be an immediate $50 tax before the recipient even saw it. Then again as he removed it from the account, another $50 would be extracted. In a year that would be $1200 in taxes. Then it starts all over again when the next person deposits it to his bank.
I will be putting my money in Gold because the inflation this bill will cause, if it becomes law, will rival the inflation prior to the second world war in Germany. Only land and gold will save you from ruin.
Jim Isbell
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