Update on the 1% Transaction Tax on all Bank Transactions

Rue McFarland is current and up on pending legislation affecting real estate investors. There was a flurry of activity about a pending House Bill HR 4646 proposing to put a 1% Federal Tax on every bank transaction, both deposits and payments.  Andrew Teutsch in Chicago investigated a little more and received this letter below.

Dear Mr. Teutsch:

Thank you for contacting me regarding the Debt Free America Act.  I appreciate hearing from you and welcome the opportunity to respond.

H.R. 4646, The Debt Free America Act, proposed to implement a 1% tax on all financial transactions. Representative Chaka Fattah of Pennsylvania introduced H.R. 4646 in the House of Representatives last Congress.  This bill had no cosponsors, did not proceed out of committee consideration, and did not become law.  I will not vote for this bill if any form of it reaches the Senate. 

I support tax reform plans that include a pathway to a simpler, fairer and more broadly based tax code. I believe we should simplify the individual tax code, consolidate tax brackets and lower overall rates, paid for by closing exemptions.

Thank you for taking the time to contact me on this issue.  Please feel free to contact me at (312) 886-3506 or online at http://kirk.senate.gov if you have any questions or concerns before Congress or the federal government. It is an honor to serve you in the Senate.

Very truly yours,

Mark Kirk
U.S. Senate