H.R. 4646 Debt Free America Act

H.R. 4646: Debt Free America Act--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.


This financial transactions bill H.R. 4646 Debt Free America Act has been introduced to the 111th Congress, referred to committees, and is scheduled to be voted on in late November before the new congress takes a seat in January. It is designed to eliminate the federal income tax within 7 years. Maybe it would be a good way to change the way we pay taxes to our government but, then again, maybe not. Unlike the FairTax proposal H.R. 25, we may not be given much time to evaluate it for ourselves.


Read the short summary at the link below. We should ask questions and pay attention. You can also read the overview and the full text by clicking on the right side of the site.

http://www.govtrack.us/congress/bill.xpd?bill=h111-4646&tab=summary

The bill has been referred to the following committees for immediate consideration:

House Ways and Means
House Budget
House Rules
House Appropriations