Black People : Debt Free America Act

[truetothecause]

Feb 23, 2010 - Introduced in House. This is the original text of the bill as it was written by its sponsor and submitted to the House for consideration. This is the latest version of the bill currently available on GovTrack.

HR 4646 IH

111th CONGRESS

2d Session

H. R. 4646

To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

IN THE HOUSE OF REPRESENTATIVES

February 23, 2010

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

A BILL

To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Debt Free America Act’.

SEC. 2. FINDINGS; PURPOSES.

(a) Findings- The Congress finds the following:

(1) The current tax structure creates economic distortions that limit growth and job creation.

(2) The estimated cost of compliance to taxpayers is five billion hours and approximately $200 billion.

(3) Restructuring the tax code will promote economic prosperity.

(4) Replacing existing Federal taxes with a fee on transactions eliminates systemic inefficiency that plagues the current tax code.

(5) The United States, from its beginning in 1790 to the present, has been free of a national debt for only two years, 1834 and 1835.

(6) The national debt has grown from $75.5 million in 1790 to $5.8 trillion in 2008.

(7) Expressed as a percentage of gross domestic product (GDP), the national debt reached a high of 108.6 percent of GDP in 1946.

(8) After 1946, the national debt as a percentage of GDP declined, reaching a low of 32.5 percent in 1981....

More here...~~~>


Seems like this is worth a try huh:?:



M.E.

 

[$$RICH$$]

You know the package deal sound good and resounding but will it be effective ?
and who really gains from it , or let's say will this bring many up from the deep poverty end ??

 

[truetothecause]

You know the package deal sound good and resounding but will it be effective ?
and who really gains from it , or let's say will this bring many up from the deep poverty end ??

Good Questions!


Thanks for Sharing!


M.E.

 

[bientempo]

Feb 23, 2010 - Introduced in House. This is the original text of the bill as it was written by its sponsor and submitted to the House for consideration. This is the latest version of the bill currently available on GovTrack.

HR 4646 IH

111th CONGRESS

2d Session

H. R. 4646

To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

IN THE HOUSE OF REPRESENTATIVES

February 23, 2010

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

A BILL

To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Debt Free America Act’.

SEC. 2. FINDINGS; PURPOSES.

(a) Findings- The Congress finds the following:

(1) The current tax structure creates economic distortions that limit growth and job creation.

(2) The estimated cost of compliance to taxpayers is five billion hours and approximately $200 billion.

(3) Restructuring the tax code will promote economic prosperity.

(4) Replacing existing Federal taxes with a fee on transactions eliminates systemic inefficiency that plagues the current tax code.

(5) The United States, from its beginning in 1790 to the present, has been free of a national debt for only two years, 1834 and 1835.

(6) The national debt has grown from $75.5 million in 1790 to $5.8 trillion in 2008.

(7) Expressed as a percentage of gross domestic product (GDP), the national debt reached a high of 108.6 percent of GDP in 1946.

(8) After 1946, the national debt as a percentage of GDP declined, reaching a low of 32.5 percent in 1981....

More here...~~~>


Seems like this is worth a try huh:?:



M.E.

Depends on what a transaction is.

This sounds like another way to say VAT. We have a VAT here in the DR and its 16% of the purchase, some foods are exempt, but thats all.

Most of Europe also has VAT. They like us also have income tax. VAT is nothing more than a country sales tax built on a pyramid. Every one pays a tax on an item and if the item is improved then the tax is paid again by another consumer on a different value, until it gets to the end user. Will normally affect the lower end the most.

The idea of replacing income tax with VAT sounds good but I don't know of any where its been done, you normally end up with both! Difference would be probably a flat income tax.

 

[river]

Based on this summary I don't know. Maybe anything will be better than what we have now but it leaves me with a few questions

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

My questions are:

1. How will this be enforced? Right now sales tax goes to the state. If we have the feds looking into all our business how intrusive will that be?

2. Replace a refundable income tax with a non refundable fee. Remember this is on top of the sales tax. If it is meant to help the feds get more money that means we will be paying more money. How many of us depend on our tax returns to make ends meet?

3. Since African Americans buy more will we still be paying more?

4. Will they at least make the space traders promise not to eat us?