Debt Free America Act

Bill: 112-hr-1125
Sponsor: Rep. Fattah, Chaka [D-PA-2]
Introduced: 2011-03-16 in the House
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt
Congressional operations and organization
Government studies and investigations
Income tax credits
Legislative rules and procedure
Sales and excise taxes
Tax administration and collection, taxpayers

Summary:
action_date: 2011-03-16
text: 
Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to: (1) eliminate the national debt within 10 years and phase out the individual income tax, including interest payments on the national debt; and (2) provide incentives for private sector investment in capital goods, clean energy generation, and infrastructure development.
 
Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on every specified transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines &quot;specified transaction&quot; to: (1) exclude any deposit into a personal account of an individual and any transfer between accounts, and (2) 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 2021 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.


Legislative actions:
action_date: 2011-03-16
text: 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.
action_date: 2011-03-16
text: 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.
action_date: 2011-03-16
text: 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.
action_date: 2011-03-16
text: 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.
action_date: 2011-03-16
text: Introduced in House
action_date: 2011-03-16
text: Introduced in House