HR 4646 hasn’t made it very far

Reader Input
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Apparently Dale Smith believes every e-mail forwarding that he receives and is trying to make President (Barack) Obama look bad (Reader Input, Oct. 26). House bill HR 4646 (1 percent tax on all transactions at financial institutions) has not been passed and apparently will not be. It was started by Rep. Chaka Fattah of Pennsylvania who has the notion of eliminating all federal taxes on individuals and corporations and replacing them with a revenue-generating system based on transaction fees. In 2004 he presented a bill calling on Congress to fund a study regarding the replacement of the federal tax code with a transaction fee-based system. He introduced similar bills in 2005, 2007 and 2009. None of these bills was ever put to a vote, and only one of them had so much as a single co-sponsor. Neither President Obama’s finance team nor Nancy Pelosi is “recommending a 1 percent transaction tax.” The proposal for the Debt Free American Act is purely the effort of a single congressman, with no outside support. Roger Perkins, Auburn