Dems propose to pass a bill called “Debt Free America”  or hr 4646  in the lame duck session of congress after the November elections. The bill states on page 9 the vote for passage must occur no later than December 23,2010.

Introduced by US Rep Peter DeFazio D-Oregon and US Senator Tom Harkin D-Iowa, the bill is now in committee and will probably be presented after the November elections.  All transactions by cash,check or credit card will incur a 1% tax. If your monthly expenses are $3200 you will pay $32.00 a month or $384.00 more a year.   If you put money into a savings acct. or withdraw the money, you will be taxed 1%.  A $24,000 car will cost an extra $240.00. Wall Street is protected.  Stock purchases are exempt. Supposedly the federal income tax will be phased out in 2017. Ha! Ha!  Anyhow, it may start at 1% and then increase. The originial income tax started at 1%.

 All 15 pages of the bill can be found at More info can be found at Open Congress and Govtrack.


~ by riffenberg on October 20, 2010.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s