U.S. Rep. Chaka Fattah, D-Pa., has proposed a plan for eliminating the multi-trillion-dollar national debt: Tax everything. Earlier this year, Fattah introduced H.R. 4646, the "Debt Free America Act," which would impose a massive new tax for a period of seven years, while the national debt is being paid off. And once the debt is paid, the bill would eliminate the individual income tax, supplanting it with the new, "transaction" tax instead. Specifically, H.R. 4646 would levy a 1-percent tax on every transaction of any kind that uses check, cash or credit cards (with a path in place for also...
