Every 1% belongs to the Government!

My husband mentioned this to me this afternoon, and I did a little research on it. I will attach the link to the article, and below is the pertinent snippet. Can anyone tell me anything else about this 1% Law. I know it pretains to banking institutions, and every amount deposited or withdrew from an account. Or am I misinterpreting it?

"Be sure to read the third point where they propose that we pay a 1% tax on every bank or credit union transaction we enact. If you make a deposit or withdrawal, move money from one account to another, or even take cash from an ATM you will have to pay 1% of each amount to the Federal government. Think about how many such transactions you make a month and you can see how quickly this amount can add up. "

Link to website www.examiner.com

It's just a proposed idea. Hasnt gone anywhere and doesnt look like it will.

www.snopes.com...


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Did a bit more research on this, Its called H.R. 4646 and it was introduced on Feb. 23,2010

At the moment it is setting in commitee.
Link: www.govtrack.us

I spoke with a Banker friend of mine today, He hadn't heard of it, but when I told him what it was, he was none too pleased about it. He thinks it will adversly affect banking usage if it passes, and he doesnt think it will have much of a chance.