Massive tax hike proposed for lame duck Congress's Consideration

[Galileo]

Massive tax hike proposed for lame duck Congress's Consideration

It’s called the Debt Free America Act. If passed, the Debt Free America Act would impose a Federal fee of 1% of all financial transactions in the country. This tax would be imposed on us every time we pay for anything using cash, check, debit card, and credit card and more. This bill, HR 4646 was sponsored by Representative Chaka Fattah, D-PA on 23 February 2010 and was referred to committees for consideration.

The bill was drafted specifically to be considered and voted on during the lame duck session of Congress.

MORE:

http://www.examiner.com/tea-party-in-boston/massive-tax-hike-proposed-for-lame-duck-congress-s-consideration

[ChumpDumper]

Doubt it would even make it to a vote.

[jack sommerset]

That thing will never see the light of day.

[boutons_deux]

nah, just let the estate tax cut expire,
let the dubya tax cuts expire,
make fund managers treat fee income as regular income(not capital gains),
and put a 5% sales tax on all Wall St sales.

[BlairForceDejuan]

Steal from the dead. Awesome.

[Bender]

nah, just let the estate tax cut expire, :td

Steal from the dead. Awesome. :tu
people work their whole lives and have a nice estate if lucky, and then the gov't helps themselves to half of it (steals it), instead of the family getting it.... nice.

[Wild Cobra]

Just like democrats, trying whatever floats their boat to take our money. The on top of that, they lie about it in the CRS summary. First sentence:

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.
To consume that much more prosperity away from commerce would be disastrous.

[fyatuk]

Just to point out, that's complete BS.

Yes, HR4646 was submitted and relegated to committee back in February, but the Novermber/December dates that are mentioned are for a second bill to be written by a task force authorized by the first. Since HR 4646 never got out of committee, the Task Force was never assigned, and no Task Force bill is forthcoming.

Also, the bill would eliminate the income tax system after several years, and you'd get a credit on the transaction tax of 1% of your adjusted gross income (with some adjustments).

[Wild Cobra]

So you agree then there no truth for the democrats to keep the tax cuts for all but the rich, because there isn't even a bill by them submitted?