HR 4646 – Federal Income Tax
Have you heard of HR 4646 Debt Free America Act?
H.R. 4646 is bill introduced to the US House of Representatives by Rep. Chaka Fattah [D-PA2] on February23, 2010. It is called the Debt Free America Act.
A more insidious piece of legislation could not exist.
According to www.govtrack.us, 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.
In plain speak, the US government wants to tax us on every monetary transaction we make including buying and selling items and withdrawing and depositing our money. (more…)