HR 1125

112th CONGRESS
1st Session

H. R. 1125

To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

IN THE HOUSE OF REPRESENTATIVES

March 16, 2011

Mr. FATTAH introduced the following bill; which was 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


A BILL

To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

SECTION 1. SHORT TITLE.

SEC. 2. FINDINGS; PURPOSES.

SEC. 3. IMPLEMENTATION OF A TRANSACTION FEE.

`CHAPTER 37--TRANSACTION FEE

`SEC. 4501. IMPOSITION OF TRANSACTION FEE.

`Chapter 37. Transaction Fee'.

SEC. 4. INCOME TAX CREDIT DURING PERIOD THAT TRANSACTION FEE AND INDIVIDUAL INCOME TAX ARE IN EFFECT.

`SEC. 25E. CREDIT DURING PERIOD OF TRANSACTION FEE AND INDIVIDUAL INCOME TAX.

SEC. 5. ESTABLISHMENT OF TASK FORCE.

`ESTABLISHMENT OF TASK FORCE FOR RESPONSIBLE FISCAL ACTION

SEC. 6. REPEAL OF INCOME TAX ON INDIVIDUALS.

SEC. 7. PRIORITIZATION FOR REPAYMENT OF NATIONAL DEBT.

SEC. 8. STUDY AND REPORT.

END