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H.R. 1125: Debt Free America Act
To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.
Mr. FATTAH introduced the following bill; which was 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
Original Bill
Because this bill was introduced in a previous session of Congress, no more action can occur on it. However, the next session can vote!
111th
Congress: 2009-2010
To establish a fee on transactions which would eliminate the
national debt and replace the income tax on individuals.
Congressional Research Service
Summary
The following summary
was written by the Congressional Research Service, a well-respected nonpartisan
arm of the Library of Congress. GovTrack did not write and has no control over
these summaries.
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.