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

Introduced:
Feb 23, 2010 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee) in a previous session of Congress

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

Introduced
Feb 23, 2010
 
Sponsor
Chaka Fattah
Representative for Pennsylvania's 2nd congressional district
Party
Democrat
Text
Read Text »
Last Updated
Feb 23, 2010
Length
30 pages
Related Bills
H.R. 1125 (112th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Mar 16, 2011

S. 2965 (Related)
Commission for Fiscal Sustainability Act of 2010

Referred to Committee
Last Action: Jan 28, 2010

 
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.

 
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.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

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

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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