U.S. Congress - H.R.4646 Debt Free America Act
H.R.4646 - Debt Free America Act
To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals. view all titles (2)
All Bill Titles
- Official: To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals. as introduced.
- Short: Debt Free America Act as introduced.
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OpenCongress Summary
This bill seeks to eliminate the national debt by repealing the individual income tax and adding a new 1% tax on all financial transactions, including all consumer transactions like uses of cash, check and debit. It would also repeal refundable and nonrefundable personal tax credits and the alternative minimum tax (AMT). This bill has not attracted any co-sponsors, moved in the legislative process, or gotten any attention from congressional leaders. There is virtually zero chance of it moving in Congress. For more information, see this OpenCongress blog post: Vast Majority of Bills Go Nowhere (Debt Free America Edition).Official Summary
2/23/2010--Introduced.Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee,Official Summary
2/23/2010--Introduced.Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines "transaction" to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions. Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations. Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to:(1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and
(2) study and report to Congress on the implementation of this Act.
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Latest Letters to Congress
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H.R.4646 Debt Free America Act
PhiBetaKappaKate
October 31, 2012
I oppose H.R.4646 - Debt Free America Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
A bill like this would tax the middle class and poor and support an underground society by encouraging Americans NOT to use banks at all because, as it is written, we are financially penalized every single time we make a banking transaction. Perhaps 1% doesn't seem like much to those in Congress who already have the best healt... -
H.R.4646 Debt Free America Act
melvinburrows
October 18, 2012
I am writing as your constituent in the 5th Congressional district of Louisiana. I am writing as your constituent in the 5th Congressional district of Louisiana. I oppose H.R.4646 - Debt Free America Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
MELVIN BURROWS -
H.R.4646 Debt Free America Act
dglaser
October 06, 2012
I am writing as your constituent in the 18th Congressional district of Pennsylvania. I STRONGLY oppose H.R.4646 - Debt Free America Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Donna Glaser
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