SUMMARY AS OF:
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.
MAJOR ACTIONS: ***NONE***
ALL ACTIONS: 2/23/2010:Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, Rules, and Appropriations, for a period to
be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2/23/2010: Referred to House Ways and Means
2/23/2010: Referred to House Budget
2/23/2010: Referred to House Rules
2/23/2010: Referred to House Appropriations
TITLE(S): ***NONE***
(italics indicate a title for a portion of a bill)
COSPONSOR(S): ***NONE***
COMMITTEE(S):
Committee/Subcommittee: Activity:
House Ways and Means Referral, In Committee
House Budget Referral, In Committee
House Rules Referral, In Committee
House Appropriations Referral, In Committee
IOW, from what I read, it’s DOA. (MAJOR ACTIONS: ***NONE***) And there has been ZERO movement since February 23rd, with ZERO co-sponsors.
thanks for looking that up. I think we still need to keep an eye on the hacks in DC... the mere fact that one of them proposed this is upsetting
Sorry. Meant to include http://thomas.loc.gov/cgi-bin/bdquery/D?d111:1:./temp/~bdIR6w:@@@L&summ2=m&|/home/LegislativeData.php|