Wednesday, April 28, 2010
Debt Free America
Congressman Chaka Fattah (who I think I've said in the past was the keynote speaker at my college commencement but recently found pictures and it was actually at an honor society induction...just to set the record straight) has a bill on the table proposing...fiscal responsibility. Imagine that. I bring this up because the occasion of one of my fellow Philadelphians doing something I can agree with is few and far between. I have been no fan of Fattah, but H.R. 4646 sounds like a viable solution to me if it were actually carried out as the bill outlines.
"The legislation is straightforward in its call for a "transaction tax" to be implemented as a 1 percent fee on all transactions, except for stock transactions. Fattah's bill directs the revenues generated from the fee be solely dedicated to paying off the national debt and reducing the deficit.
Once the bill is implemented, Fattah says the debt would be eliminated in just 7 years. The following seven year's proceeds from the fee would be directed to broad-based tax reform, including the elimination of personal income taxes.
A novel idea, Fattah says a better plan to purge the debt hasn't been presented. This is the only bill in Congress that offers a feasible answer to erasing the debt.
"The soaring national debt and rising deficits translate into bad outcomes for all Americans, it's time for thinking outside the box," Fattah said." (source)
But, Neil Cavuto rightly points out that having all that money just sitting there, the debt being just an intangible concept and more social programs to be had...it would be so hard for Congressman to resist sticking their greedy little hands in the pot. (And we know it can be done -like Obama using payback from TARP).
Fixing this will take sacrifice. I would support this bill and an additional tax if we could ensure Congress or the President couldn't touch it for anything other than eliminating the debt.