3.0.0 4646 2023-01-11T13:16:36Z 2023-01-11T13:16:36Z House H HR 2010-02-23 111 hsap00 Appropriations Committee House Standing Referred to 2010-02-23T15:29:46Z hsru00 Rules Committee House Standing Referred to 2010-02-23T15:29:45Z hsbu00 Budget Committee House Standing Referred to 2010-02-23T15:29:44Z hswm00 Ways and Means Committee House Standing Referred to 2010-02-23T15:29:43Z Commission for Fiscal Sustainability Act of 2010 111 2965 S 2010-01-28 Read twice and referred to the Committee on the Budget. Related bill CRS 2010-02-23 Referred to House Appropriations IntroReferral H11100 2 House floor actions hsap00 Appropriations Committee 2010-02-23 Referred to House Rules IntroReferral H11100 2 House floor actions hsru00 Rules Committee 2010-02-23 Referred to House Budget IntroReferral H11100 2 House floor actions hsbu00 Budget Committee 2010-02-23 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. IntroReferral H11100-A 9 Library of Congress 2010-02-23 Referred to House Ways and Means IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2010-02-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-02-23 Introduced in House IntroReferral 1000 9 Library of Congress F000043 Rep. Fattah, Chaka [D-PA-2] CHAKA FATTAH D PA 2 N Economics and Public Finance 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 Economics and Public Finance 00 2010-02-23 Introduced in House 2010-03-22T18:18:58Z 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.

]]> Debt Free America Act Display Title Debt Free America Act Official Title as Introduced To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals. Introduced in House IH Short Titles as Introduced Debt Free America Act Introduced in House 2010-02-23T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr4646ih/xml/BILLS-111hr4646ih.xml 2010-02-23 Referred to House Appropriations text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.