Replies

This is from the 111th Congress, looks like it died there. HR 4646 in the 112th Congress has something to do with grill brushes.

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.

Jump to: Summary, Major Actions, All Actions, Titles, Cosponsors, Committees, Related Bill Details, Amendments

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): (italics indicate a title for a portion of a bill)

SHORT TITLE(S) AS INTRODUCED:
Debt Free America Act
OFFICIAL TITLE AS INTRODUCED:
To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

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

RELATED BILL DETAILS: (additional related bills may be indentified in Status)

Bill:	Relationship:
S.2965	Related bill identified by CRS

AMENDMENT(S):

***NONE***