The New Stamp Act

Congresswoman Chaka Fattah [D-PA2], has introduced the modern Stamp Act for America.  This Act, called the H.R. 4646: Debt Free America Act would,

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. Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations. Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act.

A fee is merely a tax by another name.  The original Stamp Act was passed by the British Parliament to pay off the debt incured in the series of wars known in America as the "French & Indian Wars."  It was a tax on every transaction and would have required a stamp...here is the modern Stamp Act.  The Tea Party was held in Boston Harbour to destroy tea...now we have a new Tea Party...perhaps it's time for us to act once more.   Vote in Congressmen, Legislators, Delegates, etc, who will act responsibly and not spend money we don't have. 

Remember November!