H.R. 4646: Debt Free America Act

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Subject: H.R. 4646: Debt Free America Act Thu Sep 09, 2010 3:33 pm

Here is a summery of the proposed Act.

Quote :: 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.

And if you're REALLY bored out of your gourd, you can read the whole bill at this link.

Community Organizer Posts : 116 Join date : 2010-08-29

that would sure be a nice bill if it ever went into effect. Not in my lifetime though

Subject: Re: H.R. 4646: Debt Free America Act Thu Sep 16, 2010 9:13 am

huntingbuddy wrote:: that would sure be a nice bill if it ever went into effect.

How so? What could possibly be nice about more taxes? You don't honestly beleive that the federal government would actually do away with individual income tax - do you? That statement about this bill is nothing more than a come on - not unlike The Messiah preaching 'Hope' & 'Change.' So in the end, we'll STILL have individual income taxes to pay, PLUS this new 'fee' (just another word for tax) to pay every time a product passes through a transaction where money exchanges hands. This bill is just another scam dreamed up by some very cruel people. Evil or Very Mad

Community Organizer Posts : 116 Join date : 2010-08-29

you will have to excuse my ignorance. I didn't really read it as it was four in the morning when I read it. More taxes bad, getting rid of the national debt is good in my book, but not through more taxes. Try less spending. Thats what I do when I run out of money.

Subject: Re: H.R. 4646: Debt Free America Act Thu Sep 16, 2010 5:24 pm

The federal government is about 4 times as large as it needs to be. Abolish the Energy Dept, FDA, EPA, Interior Dept, Forest service, Agricultural dept and IRS, then we'll talk.

Subject: Re: H.R. 4646: Debt Free America Act Thu Sep 16, 2010 8:06 pm

huntingbuddy wrote:: you will have to excuse my ignorance. I didn't really read it as it was four in the morning when I read it. More taxes bad, getting rid of the national debt is good in my book, but not through more taxes. Try less spending. Thats what I do when I run out of money.

We are now on the same page; more taxes - bad

, less spending - good! cheers

Subject: Re: H.R. 4646: Debt Free America Act Tue Sep 21, 2010 7:01 pm

dubob wrote:

huntingbuddy wrote:: you will have to excuse my ignorance. I didn't really read it as it was four in the morning when I read it. More taxes bad, getting rid of the national debt is good in my book, but not through more taxes. Try less spending. Thats what I do when I run out of money.

We are now on the same page; more taxes - bad

, less spending - good! cheers

How bout selling off some of that land the Fed 'owns'..... bet that'd generate some primo fundage......

Subject: Re: H.R. 4646: Debt Free America Act Tue Sep 21, 2010 7:22 pm

shotgunwill wrote:: How bout selling off some of that land the Fed 'owns'..... bet that'd generate some primo fundage......

Hold on there Will. The Fed does not own that land - you, me, and every other citizen of the US of A owns it. The Fed is just the manager of it. And I would like to hang on to it for a few more years. Very Happy

Subject: Re: H.R. 4646: Debt Free America Act Tue Sep 21, 2010 8:09 pm

dubob wrote:

shotgunwill wrote:: How bout selling off some of that land the Fed 'owns'..... bet that'd generate some primo fundage......

Hold on there Will. The Fed does not own that land - you, me, and every other citizen of the US of A owns it. The Fed is just the manager of it. And I would like to hang on to it for a few more years. Very Happy

Curious, why can't we use it then? By your logic, we've paid taxes, and we should own a piece of it, but yet we can't use something we own to liking? Doesn't really look like ownership as I see it.

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