by The Bill, H.R.4646 aka "Debt Free America" wants to charge you 1% on all transactions you make. Here's the summary of the bill below.
This bill says it will replace the individual income tax within 7 years but I highly doubt it will considering the track record our government has with their word. If anything, they will try to impose an increase if doesn't provide enough profit to pay of this debt that is part of a larger, global debt of over 1.2 quadrillion dollars.
Link to the bill below.
http://www.govtrack.us/congress/bill.xpd?bill=h111-4646
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 bill says it will replace the individual income tax within 7 years but I highly doubt it will considering the track record our government has with their word. If anything, they will try to impose an increase if doesn't provide enough profit to pay of this debt that is part of a larger, global debt of over 1.2 quadrillion dollars.
Link to the bill below.
http://www.govtrack.us/congress/bill.xpd?bill=h111-4646
