Opinion of the "Debt Free America Act" (H.R. 4646)

[tpfkaw]

Introduced by Rep. Chaka Fattah (D-PA).  Would replace the personal income tax with a 1% tax on all banking transactions (which includes checks, credit cards, etc.).

http://www.govtrack.us/congress/bill.xpd?bill=h111-4646

I would never support something like this on its own, but considering that it replaces the personal income tax, it's something I might be able to get behind.

[TeePee4Prez]

I've never considered Chaka Khan the brightest bulb.  This doesn't surprise me, but what does is he represents such a heavily Democratic district and SPONSORING this!!  I can see a Congressman from PA-5/9 or Pat Toomey supporting this, but .... WOW!

[sparkey]

I can pretty much guarantee that it wouldn't work, or would at least not produce the expected revenue. Whenever you get a tax that's supposed to both limit something and gain lots of revenue from that something (whether it's a tobacco tax, a carbon tax, or whatever), you see a drop in the use/output of that something, and a corresponding drop in revenue. Also, you won't see the Congress self-impose restrictions on the amount of tax revenue they can collect. So, the income tax would be back very quickly IN ADDITION to this tax if it were to pass.

Besides, it is even constitutional? Any law-oriented people want to opine?

[Dr. Cynic]

This is a horrible bill. Not only would it be a poor substitute for the personal income tax (I actually think the National Sales Tax is a better idea than this), but you won't get the revenue you need, essentially making it pointless.

[tpfkaw]

Well, IMO the facts that it won't generate nearly as much revenue as our friend Chaka thinks it will and that it will be almost impossible to enforce are features, not bugs . . .

[Frink]

Horrible Bill.

[opebo]

All new taxes should fall upon the class enemy.

[True Federalist (진정한 연방 주의자)]

Giving honest people as well as tax cheats a reason to avoid using financial institutions is a bad idea.

[Earth]

I find it extremely funny in a pathetic way that even now when income tax rates are so low, people endlessly bitch about them. Well, they bitch the same way they bitch about a lot of other issues; not knowing a damn thing about them.

This bill is horrible. I can scarcely think of anything worse, except maybe this bill with the added provision that your child be offered to a stripper training daycare camp in the woods.

[Storebought]

Modern-day Stamp Tax.

[Ban my account ffs!]

I find it extremely funny in a pathetic way that even now when income tax rates are so low, people endlessly bitch about them. Well, they bitch the same way they bitch about a lot of other issues; not knowing a damn thing about them.

This bill is horrible. I can scarcely think of anything worse, except maybe this bill with the added provision that your child be offered to a stripper training daycare camp in the woods.

I have to wholeheartedly agree.