DEBRA C. ANDERSON
TRANSFORM AMERICA THROUGH TRANSACTION FEES
Tue Feb 3 17:15:21 2004
64.140.158.209

FOR IMMEDIATE RELEASE
CONTACT: DEBRA C. ANDERSON

February 3, 2004 (202) 225-4001 or (202) 225-5236


TRANSFORM AMERICA THROUGH TRANSACTION FEES
http://www.house.gov/fattah/issues/i_tax_res.htm

Washington, DC – Picture an America where job growth triumphs over job loss and every man, woman, and child enjoys the benefits of health insurance; an America where students are guaranteed an equal educational opportunity and NO child is left behind; a place where IRS forms, federal taxes, and audits have been eliminated and revenue sharing allows for the fiscal and social renewal of untapped urban and rural markets; an America where elimination of the national debt will unleash financial security and economic prosperity for present and future generations. On February 3, 2004, the 90th anniversary of the 16th amendment allowing for the implementation of an income tax, Congressman Chaka Fattah (D-PA) will introduce legislation that will begin to frame this image of a better America.

The bill, "Transform America Transaction Fee of 2004," calls for the elimination of all federal taxes on individuals and corporations and replaces it with a fee on transactions. Eliminating federal taxes would stimulate the economy and spur job growth by allowing businesses to expand their operations and hire more employees.

The proposed transaction fee would be equivalent to current revenues generated by all federal taxes, while conceivably supplying additional income. The excess funds would serve to: eliminate the current national debt, provide universal health care, support an equitable public school finance system, and fund economic development in urban rural areas.

Replacing the existing tax code with a simplified alternative is of critical importance to America's economic vitality. Currently, ours is the most complicated and convoluted tax code in the industrialized world. For example, the federal income tax section of the code has ballooned from a mere two pages to an incredible 45,662 pages. The complexity of the federal income tax alone cost Americans $200 billion, and 5 billion hours annually in compliance. The "Transform America Transaction Fee of 2004" will examine a more cost-effective approach towards tax code compliance.

In a December 2003 speech on the President's tax cuts, Speaker of the House Dennis Hastert said, "Our tax system is too complicated; it also hurts our nation's competitiveness. If our companies can't compete we lose jobs here in America. We must start a discussion of how we create the best tax system possible to meet the needs of the people in the 21st century." The "Transform America Transaction Fee of 2004," was developed in response to Speaker Hastert's appeal.

For a comprehensive list of the documents that helped frame this legislation visit the "Transform America Corner" at http://www.house.gov/fattah.


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Office of Congressman Chaka Fattah (D-PA) •

http://www.house.gov/fattah
2301 Rayburn House Office Building, Washington, DC 20515 • 4104 Walnut Street, Philadelphia, PA 19104
Phone: (202) 225-4001 • (215) 387-6404

How A Bill Becomes A Law

How GEAR Up became a law

IDEA:

After years of working in education and around young people, Congressman Chaka Fattah noticed that many children from the poorest areas knew the least about higher education. Although there were many federal programs, most notably Pell Grants, designed to help children from high poverty areas pursue higher education, students who qualified for funds were not notified of their eligibility to receive awards until they were accepted into college. This meant that only the students who were on the college path learned about available resources.

There were private programs like the I Have a Dream Foundation, Say Yes to Education, and the Tell Them We Are Rising Program that targeted children early and had the power to turn 75% drop out rates into 90% graduation rates. However, these programs could only reach a small volume of needy students.
FULL INFORMATION:
http://www.house.gov/fattah/features/how.htm

Contact Us

If you would like to schedule an appointment with Congressman Fattah, please put the request in writing. Due to recent events, the mail delivery has slowed. To expedite your request, you may fax the scheduling information to:
Michelle Anderson Lee (202) 225-5392.
http://www.house.gov/fattah/functions/contact.htm

• "Transform America Transaction Fee of 2004," — APFN, Tue Feb 3 17:18