H.R. 1125 (112th): Debt Free America Act

Introduced:
Mar 16, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Chaka Fattah
Representative for Pennsylvania's 2nd congressional district
Party
Democrat
Text
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Last Updated
Mar 16, 2011
Length
31 pages
Related Bills
H.R. 4646 (111th) was a previous version of this bill.

Referred to Committee
Last Action: Feb 23, 2010

 
Status

This bill was introduced on March 16, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 16, 2011
Referred to Committee Mar 16, 2011
 
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.


3/16/2011--Introduced.
Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to: (1) eliminate the national debt within 10 years and phase out the individual income tax, including interest payments on the national debt; and (2) provide incentives for private sector investment in capital goods, clean energy generation, and infrastructure development.
Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on every specified transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.
Defines "specified transaction" to:
(1) exclude any deposit into a personal account of an individual and any transfer between accounts, and
(2) 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 2021 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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