U.S. Congress - H.R.1125 Debt Free America Act
H.R.1125 - 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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- Past Seven Days: 32
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Official Summary
3/16/2011--Introduced.Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to: (1) eliminate the national debt within 10 years and phase out the individual income tax, including interest payments on the national debt; and (2) pOfficial Summary
3/16/2011--Introduced.Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to:(1) eliminate the national debt within 10 years and phase out the individual income tax, including interest payments on the national debt; and
(2) provide incentives for private sector investment in capital goods, clean energy generation, and infrastructure development. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on every specified transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines "specified transaction" to:
(1) exclude any deposit into a personal account of an individual and any transfer between accounts, and
(2) 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 2021 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.1125 Debt Free America Act
MichaelRowe82
September 11, 2012
I am writing as your constituent in the 6th Congressional district of Pennsylvania. I oppose H.R.1125 - Debt Free America Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Mike Rowe -
H.R.1125 Debt Free America Act
dinero
August 05, 2012
I am writing as your constituent in the 51st Congressional district of California. I oppose H.R.1125 - Debt Free America Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
As Democrats you should be supporting the President's position
of taxing the rich. By taxing financial transactions of everyone
you will put the burden of the national debt more on the backs of
of the middle class than the rich.
Sincerely,
Bri... -
H.R.1125 Debt Free America Act
constitutionalgovernment
July 28, 2012
I am writing as your constituent in the 4th Congressional district of Mississippi. I oppose H.R.1125 - Debt Free America Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
I don't expect this to ever get out of committee and suspect we are on the same page on this but thanks for your attention.
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