Debt Free America Act. The government just wants in on some of the unneeded middleman action. But i would recommend everyone to research hr 4646 that is pending in congress.
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The bill proposes a one percent tax on all financial transactions except stock purchases and sales. Democrats, and most people left of center, will say that this is a crisis, and the government should help. On february 23, 2010, fattah reincarnated the bill as the debt free america act, (h.r.
Bills numbers restart every two years.
Debt free america act (govtrack.us) full text read the bill: It is house bill 4646, introduced by representative chaka fattah from the 2nd district of pennsylvania, which is primarily philadelphia and germantown. The bill proposes a one percent tax on all financial transactions except stock purchases and sales. (a) eliminate the national debt, which was $6.3 trillion in january 2009, during a period of 10 years and to phase out the income tax on individuals, including interest payments on the national debt, which will total $1 trillion annually by 2020 under current fiscal policy, and will account for 17 percent of all federal spending, and