H.R.1601 - Comprehensive Transform America Transaction Fee Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Fattah, Chaka [D-PA-2] (Introduced 04/13/2005)|
|Committees:||House - Ways and Means|
|Latest Action:||04/13/2005 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.1601 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (04/13/2005)
Comprehensive Transform America Transaction Fee Act of 2005 - Directs the Secretary of the Treasury to conduct an in-depth study on the implementation of a transaction fee in the United States to replace all existing Federal taxes. Sets forth guidelines for such study, including: (1) an identification of the transactions to which such fee would apply; (2) exclusions from such fee; (3) the rate of such fee; (4) potential uses for revenue from such fee; (5) progressivity standards; and (6) general matters, including point of liability for such fee and responsibility for collection.
Requires the Secretary to report to Congress on the results of such study within one year after the enactment of this Act with a comprehensive analysis of various aspects of the transaction fee, including revenue generation, impact on the national economy, and implementation.