H.R. 4646 (111th): Debt Free America Act

Introduced:
Feb 23, 2010 (111th Congress, 2009–2010)
Sponsor:
Rep. Chaka Fattah [D-PA2]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 1125 (112th) on Mar 16, 2011.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on February 23, 2010, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 23, 2010
Cosponsors
none
Committees

House Appropriations

House Rules

House Budget

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

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

Summary

No summaries available.

Text

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Last updated Feb 23, 2010.
30 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

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United States Code

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