Custom Search

H.R. 4646: Debt Free America Act

H.R. 4646: Debt Free America Act

03-02-11 - Morning Journal Debt Free America Act Discussion : Watch Here: http://youtu.be/XnvjwNefq8Y

Fattah Morning Joe Interview: Watch Here: http://youtu.be/R_hpTc3CJAg

111th Congress: 2009-2010 -Introduced by Rep. Chaka Fattah of Pennsylvania

To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

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.

Learn the Truth about H.R. 4646

An internet rumor has been circulating that claims that I introduced a bill titled H.R. 4646 along with Senator Tom Harkin and that it would levy a 1 percent tax on every financial transaction including credit card transactions and even social security deposits. It also claims to be supported by the non-partisan factchecking website Snopes.com

This is email is false. I do not support and have never supported this legislation. H.R. 4646 was introduced in 2010 by Rep. Chaka Fattah of Pennsylvania, and has no cosponsors.

I oppose this bill because it wrongly taxes all financial transactions, rather than just focusing on the Wall Street speculators who got us into this current economic mess. Americans making normal day-to-day transfers of money should not be subject to a tax on those transactions.

These days there are innumerable rumors circulating around the internet. Factcheck.org, Snopes and Politifact Oregon have debunked this myth, with Politifact Oregon calling it a “pants on fire lie”

Bill Summary & Status

111th Congress (2009 - 2010)

H.R.4646

http://thomas.loc.gov/cgi-bin/bdquery/z?d111:h.r.04646:#

Text of Legislation: http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.4646:#http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.4646:#

Bill Summary & Status

111th Congress (2009 - 2010)

S.2965

http://thomas.loc.gov/cgi-bin/bdquery/z?d111:SN02965:#

Text of Legislation:: http://thomas.loc.gov/cgi-bin/query/z?c111:S.2965:#

H.R. 1125: Debt Free America Act

112th Congress: 2011-2012

10%

90%

To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

Sponsor: Rep. Chaka Fattah [D-PA2]

Status: This bill is in the first step in the legislative process. Explanation: Introduced bills and resolutions first go to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills and resolutions never make it out of committee. [Last Updated: Mar 26, 2011 6:14AM]

Bill Text

112th Congress (2011-2012)

H.R.1125.IH

http://thomas.loc.gov/cgi-bin/query/z?c112:H.R.1125.IH:#

03-02-11 - Morning Journal Debt Free America Act Discussion : Watch Here: http://youtu.be/XnvjwNefq8Y

Fattah Morning Joe Interview: Watch Here: http://youtu.be/R_hpTc3CJAg

Go Back

Four Winds 10 - News