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Transform America Transaction Fee of 2004 There is an emerging consensus that our current system of taxation is both cumbersome and costly, not to mention inadequate for meeting the extensive interests of the country. In fact, in December 2003, Speaker of the House Dennis Hastert affirmed that, "[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."
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In response to the Speaker's appeal for meaningful
tax reform, Congressman Chaka Fattah introduces the "Transform
America Transaction Fee of 2004" legislative proposal, as a fresh
idea for a stalled debate. This legislation calls on the
Department of Treasury to study a proposal to transform America's
economy by eliminating all Federal taxes on individuals and
corporations, and replacing them with a revenue generating system based
on transaction fees. The proposed transaction fee based system
would generate revenues equivalent to current collections from 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 and rural areas.
