FYI: The new 'pay as you go' resurfaces...
meluaufeet
Posts: 764 ✭✭✭
I just thought I would post a govtrack link to HR 4646 since it has resurfaced in blogs and emails lately (timing seems obvious)... aka 1% Transaction Tax.
govtrack.us HR 4646: Debt Free America Act
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.
Link to Video: Pelosi: Transaction Tax Has "Great Deal Of Merit" (12/3/09)
govtrack.us HR 4646: Debt Free America Act
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.
Link to Video: Pelosi: Transaction Tax Has "Great Deal Of Merit" (12/3/09)
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Comments
I knew it would happen.
<< <i>If they inserted prison terms for all of the representatives and senators who voted for this when it fails to eliminate the income tax in 7 years, I'd consider supporting it. >>
Yogi Berra
That tax will be in addition to higher rates and less deductions as well as many new taxes that they invent whether to "save the children" or murder more people in 3rd world countries............who hate us because of our freedom and prosperity.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Doesn't mean a thing.
if they voted for the bill or not.I believe as each yerm in office ends
the person should go to jail.
Camelot