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.Continue Reading
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.Learn more about US Government