[keepitlow]

http://goldismoney2.com/showthread.php? ... ierica-Act

[Ludi]

I can practically guarantee this bill will go nowhere.

I wouldn't get my undies in a twist over it, personally.

[dinopello]

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.

It is pretty radical to eliminate the income tax completely. It would tax all transactions except barter exchanges. I wonder why congressman even propose stuff like this that has very little chance of getting out of committee. Seems like a waste of time.

[Ludi]

I wonder why congressman even propose stuff like this that has very little chance of getting out of committee. Seems like a waste of time.

Dumb bills that go nowhere are proposed all the time. Your tax dollars at "work."