HR4646 1% transaction fee on all bank transactions
This is a 1% "fee" tax on every bank transaction - cashing a check, depositing cash, Social security checks even transfers between accounts.
Claims to repeal individual income tax - but of course there are "condiditons".
This needs to me watched.
I suppose it is one way to get the illegals to start paying at least 1%.
H.R.4646
Title: Debt Free America Act
Sponsor: Rep Fattah, Chaka [PA-2] (introduced 2/23/2010) Cosponsors (None)
Related Bills: S.2965
Latest Major Action: 2/23/2010 Referred to House committee. Status: 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.
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SUMMARY AS OF:
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.
THIS SECTION ON REPEALING PERSONAL INCOME TAX IS INTERESTING AND BOGUS.
SEC. 6. REPEAL OF INCOME TAX ON INDIVIDUALS.
(a) In General- Chapter 1 of the Internal Revenue Code of 1986 is amended by striking the following provisions:
(1) Part I of subchapter A.
(2) Subpart A of part IV of subchapter A.
(3) Sections 31, 32, 35, 36, and 36A.
(b) Repeal of Alternative Minimum Tax for Individuals- Section 55 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
`(f) Exemption for Noncorporate Taxpayers- The tentative minimum tax for any taxpayer other than a corporation shall be zero.'.
(c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2017.
SEC. 7. PRIORITIZATION FOR REPAYMENT OF NATIONAL DEBT.
To take into account the national security concerns of the United States, the Secretary of the Treasury, in consultation with the Secretary of State, shall prioritize the repayment of the national debt and shall take into account circumstances in which the Secretary of the Treasury determines the early repayment of outstanding debt is detrimental to the fiscal stability of the United States.
SEC. 8. STUDY AND REPORT.
(a) Study- The Secretary of the Treasury, in consultation with the Chairman of the Federal Reserve, shall--
(1) analyze methods to prevent and relieve any distortions among economic sectors created by the implementation of this Act,
(2) make recommendations regarding the application of the transaction fee established under this Act to barter transactions which do not involve a payment instrument,
(3) assess the transaction fee established under this Act as a tool of Federal fiscal policy, including an impact analysis on the elimination or retention of existing tax expenditures, incentives, penalties, and credits, including--
(A) the earned income credit,
(B) the alternative minimum tax,
(C) the child tax credit, and
(D) the deduction for mortgage interest,
(4) analyze the extent to which the transaction fee could offset the cost to the Federal Government of increasing discretionary and mandatory spending, particularly expenditures related to education, defense, Social Security, Medicare, and Medicaid,
(5) make recommendations with respect to the Internal Revenue Service, which--
(A) assume the transition and grandfathering of all existing personnel of the Internal Revenue Service,
(B) identify the elements of the current Internal Revenue Service needed to administer the transaction fee, and
(C) examine the feasibility of modifying the overall mission and jurisdiction of the Internal Revenue Service from one focused on tax law application to one focused on uncovering waste, fraud, and abuse throughout the Federal Government, and
(6) make determinations and recommendations for methods of phasing out the income tax on individuals before its repeal under section 4 in a manner which is consistent with the purposes described in section 2(b)(3).
(b) Report- The Secretary of the Treasury shall, not later than 1 year after the date of the enactment of this Act, submit to Congress a written report containing the results, determinations, and recommendations of the Secretary under subsection (a).
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