Has anyone heard of this bill? HR 4646. It is supposed to be the "Debt free America ACT". It is a tax on our gross earnings in effect. If you deposit $ in the bank the bank is to deduct 1% and send to The Fed. Then there is a tax for every transaction from that point.

I heard this is to be convened on no later than 11-23-10 by both House and Senate, and voted on no later than 12-23-10. HOLY CRAP. I think the likelyhood of this getting passed would be non-existant but HOLY CRAP!

HOLY CRAP... DOES NOT LOOK LIKELY..

 

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

 

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

It would replace the income tax.

It would replace the income tax.

 

 

is that good or bad..

Haven't crunched the numbers, but I suspect it would be very regressive. It is essentially a consumption tax that would replace the income tax.

is that good or bad..