HR4646, co-sponsored by our own U.S. Sen. Tom Harkin is a 1 percent tax on all bank transaction, (coming to your household following the November elections). Whether your Social Security check is direct deposit, you transfer funds, you cash a check or pay a bill online, you will be charged a 1 percent fee. This applies to all financial institutions - banks, credit unions, savings and loans, etc. If your paycheck is $1,000, the government gets $10. Your tax refund will be charged 1percent. If this bill is enacted, the 1 percent tax can be raised at any time and no doubt will be. "Oh, it's not really a tax," they say, it is a "user fee." I guess then we don't really pay a gas tax at the pump, it is a fee for the privilege of buying gas? There no doubt will have to be a federal agency overseeing this bank transaction fee? Take a look at all you bank transactions over the past year and deduct 1percent.