H.R.4646
Latest Title: Debt Free America Act
Sponsor: Rep Fattah, Chaka [PA-2] (introduced 2/23/2010) Cosponsors (None)
Related Bills: S.2965
Latest Major Action: 2/23/2010 Referred to House committee. Status: 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.
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.
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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 |
Bill: | Relationship: |
S.2965 | Related bill identified by CRS |
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Thank you! for posting about HR 4646
Thanks for the update, DBrow, and thanks to Spunky and Mel, too. FR strives for accuracy.