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.
...Read the Rest
Recent News Coverage
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Bernanke's QE2 is dragging dollar through the mud
Dear John: What's your opinion of HR 4646, a bill currently under consideration in the House of Representatives. This bill proposes a 1 percent tax on all ...
Money bill causes controversy
23 a vote on HR 4646 did not occur as Congress was out for the Thanksgiving Holiday. Yet while the bill introduced by Rep. Chaka Fattah referred to as the ...
Unemployment rates improving in most states (Reuters)
...Sun Oct 24, 2010 12:53 pm PDT Report Abuse H.R.4646 — Debt Free America Act (Introduced in House – IH) President Obama’s finance team is recommending a transaction tax. His plan is to sneak it in after the November election to keep it under the r
Recent Blog Coverage
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Popular Questions About Debt Free America | Overcome Bad Credit
http://www.opencongress.org/bill/111-h4646/show. more: http://www.govtrack.us/congress/bill.xpd?bill=h111-4646. So when you hear someone coming around asking you to sign a petition for the “Debt Free America Act”, ...
Liberty At Stake: English-To-English Translation, Volume 2
Are you supporting the Republican bill that is similar to his, modeled after Congressman Fattah's bill? E2E: Hmmmmm …. http://www.opencongress.org/bill/111-h4646/show. The devil will, of course, be in the details. ...
Your Questions About Debt-free America | Google Home Loan & Debt
http://www.opencongress.org/bill/111-h4646/show. more: http://www.govtrack.us/congress/bill.xpd?bill=h111-4646. So when you hear someone coming around asking you to sign a petition for the “Debt Free America Act”, just ...
Latest Letters to Congress
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H.R.4646 Debt Free America Act
Nac
January 27, 2012
I am writing as your constituent in the 12th Congressional district of Pennsylvania. 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,
Nancy Carr -
H.R.4646 Debt Free America Act
mmc3337777
January 26, 2012
I am writing as your constituent in the 14th Congressional district of Ohio. I am writing as your constituent in the 14th Congressional district of Ohio. I am writing as your constituent in the 14th Congressional district of Ohio. 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,
Margaret Clawson -
H.R.4646 Debt Free America Act
ddlg42
January 23, 2012
I am writing as your constituent in the 20th Congressional district of Texas. 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,
Desi de la Garza
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