Fact or Fiction: Is there a bill that will add a 1% tax to all banking transactions?
Fact: H.R. 1125, the Debt Free America Act introduced by Representative Fattah during the first session of the 112th Congress. This bill would add a one percent tax to banking transactions. However, this bill was also introduced in the 111th Congress but never passed committee, and has not passed committee this Congress either. The bill currently has no cosponsors and has little or no traction in either chamber of Congress.