Q:

What were the goals of the H.R. 4646 tax bill?

A:

Quick Answer

Titled the Debt Free America Act, H.R. 4646's stated goals were to eliminate the United States' national debt over a period of seven years and to phase out the individual income tax. Representative Chaka Fattah introduced this bill before the 111th Congress in February of 2010.

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Full Answer

To raise the revenue for its goals, the bill proposed a one percent tax on all transactions utilizing a payment instrument. The bill included both tangible transactions and intangible, such as financial, transactions, as well as intermediate and end-consumer transactions. It considered a payment instrument to be cash, check, credit card or a transfer of financial instruments, such as stocks.

All recent Congresses have had bills numbered H.R. 4646, but the Debt Free America act is the only one pertaining to taxation.

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