Official Bill Info

• Latest Action: Feb 23, 2010 Introduced in House

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  I know the most recent action for this bill is as follows: "Introduced in House" on Feb 23, 2010
• Committee Assignment: House Ways and Means

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  This bill has been assigned to the House Ways and Means committee.
• Committee Assignment: House Budget

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  This bill has been assigned to the House Budget committee.
• Committee Assignment: House Rules

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  This bill has been assigned to the House Rules committee.
• Committee Assignment: House Appropriations

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  This bill has been assigned to the House Appropriations committee.

Bill Statistics on OpenCongress

Contribution Data

OpenCongress Bill 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).

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  Here's a summary from OpenCongress.org: 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).

Most-commented sections of the bill text

• HR 4646 IH (3 comments, Link )

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  specifically, this section of the legislation: "HR 4646 IH",
• ‘(1) IN GENERAL- The term ‘specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. (3 comments, Link )

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  specifically, this section of the legislation: "‘(1) IN GENERAL- The term ‘specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.",
• (3) is intended to raise sufficient revenue to eliminate the national debt, which was $10.6 trillion in January 2009, during a period of 7 years and to phase out the income tax on individuals. (1 comments, Link )

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  specifically, this section of the legislation: "(3) is intended to raise sufficient revenue to eliminate the national debt, which was $10.6 trillion in January 2009, during a period of 7 years and to phase out the income tax on individuals.",
• ‘Sec. 4501. Imposition of transaction fee. (1 comments, Link )

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  specifically, this section of the legislation: "‘Sec. 4501. Imposition of transaction fee.",
• (3) Restructuring the tax code will promote economic prosperity. (1 comments, Link )

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  specifically, this section of the legislation: "(3) Restructuring the tax code will promote economic prosperity.",

Highest Rated User Comments

• On September 12, 2010, by queendancer77 - All those 1 percents still don't exceed what is now being payed out in income tax AND sales taxes...(In GA, I'm paying 6% on my income AND 3-7% on my sales taxes.) With that said, this bill favors people who don't move money, savers and investors--which most of America isn't *smile.* Saving and investing don't necessarily spark economic growth. I think those two points are better worth an argument.

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  As noted by queendancer77, a user on OpenCongress.org, on September 12, 2010, "All those 1 percents still don't exceed what is now being payed out in income tax AND sales taxes...(In GA, I'm paying 6% on my income AND 3-7% on my sales taxes.) With that said, this bill favors people who don't move money, savers and investors--which most of America isn't *smile.* Saving and investing don't necessarily spark economic growth. I think those two points are better worth an argument. "
• On July 08, 2010, by idamae - Seriously? Easy way to get people on board - lure them with a promise to eliminate the IRS and income tax. How typical. Read the bill - "There is hereby imposed on every specified transaction a fee in an amount equal to 1 percent of the amount of such transaction...The term ‘specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument... The term ‘transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions." Sooo, will your employer owe 1% of your paycheck as they send it to your bank? You pay 1% for direct deposit? Move any amount from checking to savings = 1%? Get $20 at the ATM or teller window=1%? How many times can you be taxed on the same amount of money? And when will you say ENOUGH?

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  As noted by idamae, a user on OpenCongress.org, on July 08, 2010, "Seriously? Easy way to get people on board - lure them with a promise to eliminate the IRS and income tax. How typical. Read the bill - "There is hereby imposed on every specified transaction a fee in an amount equal to 1 percent of the amount of such transaction...The term ‘specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument... The term ‘transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions." Sooo, will your employer owe 1% of your paycheck as they send it to your bank? You pay 1% for direct deposit? Move any amount from checking to savings = 1%? Get $20 at the ATM or teller window=1%? How many times can you be taxed on the same amount of money? And when will you say ENOUGH?"
• On September 12, 2010, by queendancer77 - I'm not sure that I completely hate this bill. Consider how much we are taxed just for earning money now--so much of our income we never see. So let us imagine that income tax doesn't exist. Would the 1% to get your check, 1% to deposit it, 1% to withdraw it OR swipe your card somewhere exceed the amount of money that is being sucked away annually in income tax every year? I don't know about you, but I'm paying MORE THAN 3% PER CHECK in income taxes AND I still pay sales taxes when I spend... Secondly,there isn't the additional tax on some "necessary" items (kind of like EBT food items, I'm assuming). That sounds beneficial to everyone that, well, eats. I'm reading these cliches about the rich getting richer off of this bill but no one has given specifics about how. This bill favors the rich NO MORE THAN our current IRS does with its loopholes and inconsistencies.

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  As noted by queendancer77, a user on OpenCongress.org, on September 12, 2010, "I'm not sure that I completely hate this bill. Consider how much we are taxed just for earning money now--so much of our income we never see. So let us imagine that income tax doesn't exist. Would the 1% to get your check, 1% to deposit it, 1% to withdraw it OR swipe your card somewhere exceed the amount of money that is being sucked away annually in income tax every year? I don't know about you, but I'm paying MORE THAN 3% PER CHECK in income taxes AND I still pay sales taxes when I spend... Secondly,there isn't the additional tax on some "necessary" items (kind of like EBT food items, I'm assuming). That sounds beneficial to everyone that, well, eats. I'm reading these cliches about the rich getting richer off of this bill but no one has given specifics about how. This bill favors the rich NO MORE THAN our current IRS does with its loopholes and inconsistencies."

Highly Rated Blog Articles

• Popular Questions About Debt Free America | Overcome Bad Credit - August 10, 2011 by 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”, ...

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  As noted by Overcome Bad Credit on August 10, 2011, "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”, ..." (http://overcome-bad-credit.com/popular-questions-about-debt-free-america.html/)
• Liberty At Stake: English-To-English Translation, Volume 2 - July 11, 2011 by LibertyAtStake - 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. ...

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  As noted by LibertyAtStake on July 11, 2011, "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. ..." (http://libertyatstake.blogspot.com/2011/07/english-to-english-translation-volume-2.html)
• Your Questions About Debt-free America | Google Home Loan & Debt - June 11, 2011 by John - 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 ...

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  As noted by John on June 11, 2011, "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 ..." (/url?q=http://www.googlehomeloan-debt.com/your-questions-about-debt-free-america/&sa=U&ei=JUgIUNunGMbc2gXO3OTRBA&ved=0CCsQmAEwAw&usg=AFQjCNFM2L1VhHgiUjwXzLZ5NRFehcyRiA)

Highly Rated News Articles

• Bernanke's QE2 is dragging dollar through the mud - November 27, 2010 by New York Post - 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 ...

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  As noted by New York Post on November 27, 2010, " 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 ... " (http://www.nypost.com/p/news/business/bernanke_qe_is_dragging_dollar_through_nqxnBMCSrK1fALfr9YOs8L)
• Money bill causes controversy - November 23, 2010 by Santa Rosa Press Gazette - 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 ...

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  As noted by Santa Rosa Press Gazette on November 23, 2010, " 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 ... " (http://www.srpressgazette.com/news/bill-11690-vote-introduced.html)
• Unemployment rates improving in most states (Reuters) - November 22, 2010 by Yahoo News: Business - ...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

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  As noted by Yahoo News: Business on November 22, 2010, "...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" (http://us.rd.yahoo.com/dailynews/rss/economy/*http://news.yahoo.com/s/nm/20101123/bs_nm/us_usa_economy_unemployment_states)