Establishment leftists band together and refuse to admit major debacle

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The day after Rachel Maddow unsuccessfully tried to derail Trump by releasing his 2005 tax returns she went on the Jimmy Fallon show to try and redeem herself.

Despite being criticized for over-hyping the “scoop,” Maddow refused to apologize and actually doubled down on the importance of the documents with encouragement from Fallon.

Even establishment collaborator Stephen Colbert made fun of Maddow’s strange rollout of the overly-promoted story.

Click here to watch a related video!

John F. Kennedy
vs
The Federal Reserve

Kennedy

John F. Kennedy vs The Federal Reserve

On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business. The Christian Law Fellowship has exhaustively researched this matter through the Federal Register and Library of Congress. We can now safely conclude that this Executive Order has never been repealed, amended, or superceded by any subsequent Executive Order. In simple terms, it is still valid.

When President John Fitzgerald Kennedy – the author of Profiles in Courage -signed this Order, it returned to the federal government, specifically the Treasury Department, the Constitutional power to create and issue currency -money – without going through the privately owned Federal Reserve Bank. President Kennedy’s Executive Order 11110 [the full text is displayed further below] gave the Treasury Department the explicit authority: “to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury.” This means that for every ounce of silver in the U.S. Treasury’s vault, the government could introduce new money into circulation based on the silver bullion physically held there. As a result, more than $4 billion in United States Notes were brought into circulation in $2 and $5 denominations. $10 and $20 United States Notes were never circulated but were being printed by the Treasury Department when Kennedy was assassinated. It appears obvious that President Kennedy knew the Federal Reserve Notes being used as the purported legal currency were contrary to the Constitution of the United States of America.

“United States Notes” were issued as an interest-free and debt-free currency backed by silver reserves in the U.S. Treasury. We compared a “Federal Reserve Note” issued from the private central bank of the United States (the Federal Reserve Bank a/k/a Federal Reserve System), with a “United States Note” from the U.S. Treasury issued by President Kennedy’s Executive Order. They almost look alike, except one says “Federal Reserve Note” on the top while the other says “United States Note”. Also, the Federal Reserve Note has a green seal and serial number while the United States Note has a red seal and serial number.

President Kennedy was assassinated on November 22, 1963 and the United States Notes he had issued were immediately taken out of circulation. Federal Reserve Notes continued to serve as the legal currency of the nation. According to the United States Secret Service, 99% of all U.S. paper “currency” circulating in 1999 are Federal Reserve Notes.

Kennedy knew that if the silver-backed United States Notes were widely circulated, they would have eliminated the demand for Federal Reserve Notes. This is a very simple matter of economics. The USN was backed by silver and the FRN was not backed by anything of intrinsic value. Executive Order 11110 should have prevented the national debt from reaching its current level (virtually all of the nearly $9 trillion in federal debt has been created since 1963) if LBJ or any subsequent President were to enforce it. It would have almost immediately given the U.S. Government the ability to repay its debt without going to the private Federal Reserve Banks and being charged interest to create new “money”. Executive Order 11110 gave the U.S.A. the ability to, once again, create its own money backed by silver and realm value worth something.

Again, according to our own research, just five months after Kennedy was assassinated, no more of the Series 1958 “Silver Certificates” were issued either, and they were subsequently removed from circulation. Perhaps the assassination of JFK was a warning to all future presidents not to interfere with the private Federal Reserve’s control over the creation of money. It seems very apparent that President Kennedy challenged the “powers that exist behind U.S. and world finance”. With true patriotic courage, JFK boldly faced the two most successful vehicles that have ever been used to drive up debt:

1) war (Viet Nam); and,

2) the creation of money by a privately owned central bank. His efforts to have all U.S. troops out of Vietnam by 1965 combined with Executive Order 11110 would have destroyed the profits and control of the private Federal Reserve Bank.

Executive Order 11110

AMENDMENT OF EXECUTIVE ORDER NO. 10289 AS AMENDED, RELATING TO THE PERFORMANCE OF CERTAIN FUNCTIONS AFFECTING THE DEPARTMENT OF THE TREASURY. By virtue of the authority vested in me by section 301 of title 3 of the United States Code, it is ordered as follows:

SECTION 1. Executive Order No. 10289 of September 19, 1951, as amended, is hereby further amended – (a) By adding at the end of paragraph 1 thereof the following subparagraph (j): “(j) The authority vested in the President by paragraph (b) of section 43 of the Act of May 12, 1933, as amended (31 U.S.C. 821 (b)), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of any outstanding silver certificates, to prescribe the denominations of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption,” and (b) By revoking subparagraphs (b) and (c) of paragraph 2 thereof. SECTION 2. The amendment made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue and may be enforced as if said amendments had not been made.

JOHN F. KENNEDY THE WHITE HOUSE, June 4, 1963

Once again, Executive Order 11110 is still valid. According to Title 3, United States Code, Section 301 dated January 26, 1998:

Executive Order (EO) 10289 dated Sept. 17, 1951, 16 F.R. 9499, was as amended by:

EO 10583, dated December 18, 1954, 19 F.R. 8725;

EO 10882 dated July 18, 1960, 25 F.R. 6869;

EO 11110 dated June 4, 1963, 28 F.R. 5605;

EO 11825 dated December 31, 1974, 40 F.R. 1003;

EO 12608 dated September 9, 1987, 52 F.R. 34617

The 1974 and 1987 amendments, added after Kennedy’s 1963 amendment, did not change or alter any part of Kennedy’s EO 11110. A search of Clinton’s 1998 and 1999 EO’s and Presidential Directives has also shown no reference to any alterations, suspensions, or changes to EO 11110.

The Federal Reserve Bank, a.k.a Federal Reserve System, is a Private Corporation. Black’s Law Dictionary defines the “Federal Reserve System” as: “Network of twelve central banks to which most national banks belong and to which state chartered banks may belong. Membership rules require investment of stock and minimum reserves.” Privately-owned banks own the stock of the FED. This was explained in more detail in the case of Lewis v. United States, Federal Reporter, 2nd Series, Vol. 680, Pages 1239, 1241 (1982), where the court said: “Each Federal Reserve Bank is a separate corporation owned by commercial banks in its region. The stock-holding commercial banks elect two thirds of each Bank’s nine member board of directors”.

The Federal Reserve Banks are locally controlled by their member banks. Once again, according to Black’s Law Dictionary, we find that these privately owned banks actually issue money:

“Federal Reserve Act. Law which created Federal Reserve banks which act as agents in maintaining money reserves, issuing money in the form of bank notes, lending money to banks, and supervising banks. Administered by Federal Reserve Board (q.v.)”.

The privately owned Federal Reserve (FED) banks actually issue (create) the “money” we use. In 1964, the House Committee on Banking and Currency, Subcommittee on Domestic Finance, at the second session of the 88th Congress, put out a study entitled Money Facts which contains a good description of what the FED is: “The Federal Reserve is a total money-making machine. It can issue money or checks. And it never has a problem of making its checks good because it can obtain the $5 and $10 bills necessary to cover its check simply by asking the Treasury Department’s Bureau of Engraving to print them”.

Any one person or any closely knit group who has a lot of money has a lot of power. Now imagine a group of people who have the power to create money. Imagine the power these people would have. This is exactly what the privately owned FED is!

No man did more to expose the power of the FED than Louis T. McFadden, who was the Chairman of the House Banking Committee back in the 1930s. In describing the FED, he remarked in the Congressional Record, House pages 1295 and 1296 on June 10, 1932:

“Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal reserve banks. The Federal Reserve Board, a Government Board, has cheated the Government of the United States and he people of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal reserve banks acting together have cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through the maladministration of that law by which the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it”.

Some people think the Federal Reserve Banks are United States Government institutions. They are not Government institutions, departments, or agencies. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers. Those 12 private credit monopolies were deceitfully placed upon this country by bankers who came here from Europe and who repaid us for our hospitality by undermining our American institutions.

The FED basically works like this: The government granted its power to create money to the FED banks. They create money, then loan it back to the government charging interest. The government levies income taxes to pay the interest on the debt. On this point, it’s interesting to note that the Federal Reserve Act and the sixteenth amendment, which gave congress the power to collect income taxes, were both passed in 1913. The incredible power of the FED over the economy is universally admitted. Some people, especially in the banking and academic communities, even support it. On the other hand, there are those, such as President John Fitzgerald Kennedy, that have spoken out against it. His efforts were spoken about in Jim Marrs’ 1990 book Crossfire:”

Another overlooked aspect of Kennedy’s attempt to reform American society involves money. Kennedy apparently reasoned that by returning to the constitution, which states that only Congress shall coin and regulate money, the soaring national debt could be reduced by not paying interest to the bankers of the Federal Reserve System, who print paper money then loan it to the government at interest. He moved in this area on June 4, 1963, by signing Executive Order 11110 which called for the issuance of $4,292,893,815 in United States Notes through the U.S. Treasury rather than the traditional Federal Reserve System. That same day, Kennedy signed a bill changing the backing of one and two dollar bills from silver to gold, adding strength to the weakened U.S. currency.

Kennedy’s comptroller of the currency, James J. Saxon, had been at odds with the powerful Federal Reserve Board for some time, encouraging broader investment and lending powers for banks that were not part of the Federal Reserve system. Saxon also had decided that non-Reserve banks could underwrite state and local general obligation bonds, again weakening the dominant Federal Reserve banks”.

In a comment made to a Columbia University class on Nov. 12, 1963,

Ten days before his assassination, President John Fitzgerald Kennedy allegedly said:

“The high office of the President has been used to foment a plot to destroy the American’s freedom and before I leave office, I must inform the citizen of this plight.”

In this matter, John Fitzgerald Kennedy appears to be the subject of his own book… a true Profile of Courage.

This research report was compiled for Lawgiver. Org. by Anthony Wayne

What is the Federal Reserve Bank?

What is the Federal Reserve Bank (FED) and why do we have it?

by Greg Hobbs November 1, 1999

The FED is a central bank. Central banks are supposed to implement a country’s fiscal policies. They monitor commercial banks to ensure that they maintain sufficient assets, like cash, so as to remain solvent and stable. Central banks also do business, such as currency exchanges and gold transactions, with other central banks. In theory, a central bank should be good for a country, and they might be if it wasn’t for the fact that they are not owned or controlled by the government of the country they are serving. Private central banks, including our FED, operate not in the interest of the public good but for profit.

There have been three central banks in our nation’s history. The first two, while deceptive and fraudulent, pale in comparison to the scope and size of the fraud being perpetrated by our current FED. What they all have in common is an insidious practice known as “fractional banking.”

Fractional banking or fractional lending is the ability to create money from nothing, lend it to the government or someone else and charge interest to boot. The practice evolved before banks existed. Goldsmiths rented out space in their vaults to individuals and merchants for storage of their gold or silver. The goldsmiths gave these “depositors” a certificate that showed the amount of gold stored. These certificates were then used to conduct business.

In time the goldsmiths noticed that the gold in their vaults was rarely withdrawn. Small amounts would move in and out but the large majority never moved. Sensing a profit opportunity, the goldsmiths issued double receipts for the gold, in effect creating money (certificates) from nothing and then lending those certificates (creating debt) to depositors and charging them interest as well.

Since the certificates represented more gold than actually existed, the certificates were “fractionally” backed by gold. Eventually some of these vault operations were transformed into banks and the practice of fractional banking continued.

Keep that fractional banking concept in mind as we examine our first central bank, the First Bank of the United States (BUS). It was created, after bitter dissent in the Congress, in 1791 and chartered for 20 years. A scam not unlike the current FED, the BUS used its control of the currency to defraud the public and establish a legal form of usury.

This bank practiced fractional lending at a 10:1 rate, ten dollars of loans for each dollar they had on deposit. This misuse and abuse of their public charter continued for the entire 20 years of their existence. Public outrage over these abuses was such that the charter was not renewed and the bank ceased to exist in 1811.

The war of 1812 left the country in economic chaos, seen by bankers as another opportunity for easy profits. They influenced Congress to charter the second central bank, the Second Bank of the United States (SBUS), in 1816.

The SBUS was more expansive than the BUS. The SBUS sold franchises and literally doubled the number of banks in a short period of time. The country began to boom and move westward, which required money. Using fractional lending at the 10:1 rate, the central bank and their franchisees created the debt/money for the expansion.

Things boomed for a while, then the banks decided to shut off the debt/money, citing the need to control inflation. This action on the part of the SBUS caused bankruptcies and foreclosures. The banks then took control of the assets that were used as security against the loans.

Closely examine how the SBUS engineered this cycle of prosperity and depression. The central bank caused inflation by creating debt/money for loans and credit and making these funds readily available. The economy boomed. Then they used the inflation which they created as an excuse to shut off the loans/credit/money.

The resulting shortage of cash caused the economy to falter or slow dramatically and large numbers of business and personal bankruptcies resulted. The central bank then seized the assets used as security for the loans. The wealth created by the borrowers during the boom was then transferred to the central bank during the bust. And you always wondered how the big guys ended up with all the marbles.

Now, who do you think is responsible for all of the ups and downs in our economy over the last 85 years? Think about the depression of the late ’20s and all through the ’30s. The FED could have pumped lots of debt/money into the market to stimulate the economy and get the country back on track, but did they? No; in fact, they restricted the money supply quite severely. We all know the results that occurred from that action, don’t we?

Why would the FED do this? During that period asset values and stocks were at rock bottom prices. Who do you think was buying everything at 10 cents on the dollar? I believe that it is referred to as consolidating the wealth. How many times have they already done this in the last 85 years?

Do you think they will do it again?

Just as an aside at this point, look at today’s economy. Markets are declining. Why? Because the FED has been very liberal with its debt/credit/money. The market was hyper inflated. Who creates inflation? The FED. How does the FED deal with inflation? They restrict the debt/credit/money. What happens when they do that? The market collapses.

Several months back, after certain central banks said they would be selling large quantities of gold, the price of gold fell to a 25-year low of about $260 per ounce. The central banks then bought gold. After buying at the bottom, a group of 15 central banks announced that they would be restricting the amount of gold released into the market for the next five years. The price of gold went up $75.00 per ounce in just a few days. How many hundreds of billions of dollars did the central banks make with those two press releases?

Gold is generally considered to be a hedge against more severe economic conditions. Do you think that the private banking families that own the FED are buying or selling equities at this time? (Remember: buy low, sell high.) How much money do you think these FED owners have made since they restricted the money supply at the top of this last current cycle?

Alan Greenspan has said publicly on several occasions that he thinks the market is overvalued, or words to that effect. Just a hint that he will raise interest rates (restrict the money supply), and equity markets have a negative reaction. Governments and politicians do not rule central banks, central banks rule governments and politicians. President Andrew Jackson won the presidency in 1828 with the promise to end the national debt and eliminate the SBUS. During his second term President Jackson withdrew all government funds from the bank and on January 8, 1835, paid off the national debt. He is the only president in history to have this distinction. The charter of the SBUS expired in 1836.

Without a central bank to manipulate the supply of money, the United States experienced unprecedented growth for 60 or 70 years, and the resulting wealth was too much for bankers to endure. They had to get back into the game. So, in 1910 Senator Nelson Aldrich, then Chairman of the National Monetary Commission, in collusion with representatives of the European central banks, devised a plan to pressure and deceive Congress into enacting legislation that would covertly establish a private central bank.

This bank would assume control over the American economy by controlling the issuance of its money. After a huge public relations campaign, engineered by the foreign central banks, the Federal Reserve Act of 1913 was slipped through Congress during the Christmas recess, with many members of the Congress absent. President Woodrow Wilson, pressured by his political and financial backers, signed it on December 23, 1913.

The act created the Federal Reserve System, a name carefully selected and designed to deceive. “Federal” would lead one to believe that this is a government organization. “Reserve” would lead one to believe that the currency is being backed by gold and silver. “System” was used in lieu of the word “bank” so that one would not conclude that a new central bank had been created.

In reality, the act created a private, for profit, central banking corporation owned by a cartel of private banks. Who owns the FED? The Rothschilds of London and Berlin; Lazard Brothers of Paris; Israel Moses Seif of Italy; Kuhn, Loeb and Warburg of Germany; and the Lehman Brothers, Goldman, Sachs and the Rockefeller families of New York.

Did you know that the FED is the only for-profit corporation in America that is exempt from both federal and state taxes? The FED takes in about one trillion dollars per year tax free! The banking families listed above get all that money.

Almost everyone thinks that the money they pay in taxes goes to the US Treasury to pay for the expenses of the government. Do you want to know where your tax dollars really go? If you look at the back of any check made payable to the IRS you will see that it has been endorsed as “Pay Any F.R.B. Branch or Gen. Depository for Credit U.S. Treas. This is in Payment of U.S. Oblig.” Yes, that’s right, every dime you pay in income taxes is given to those private banking families, commonly known as the FED, tax free.

Like many of you, I had some difficulty with the concept of creating money from nothing. You may have heard the term “monetizing the debt,” which is kind of the same thing. As an example, if the US Government wants to borrow $1 million ó the government does borrow every dollar it spends ó they go to the FED to borrow the money. The FED calls the Treasury and says print 10,000 Federal Reserve Notes (FRN) in units of one hundred dollars.

The Treasury charges the FED 2.3 cents for each note, for a total of $230 for the 10,000 FRNs. The FED then lends the $1 million to the government at face value plus interest. To add insult to injury, the government has to create a bond for $1 million as security for the loan. And the rich get richer. The above was just an example, because in reality the FED does not even print the money; it’s just a computer entry in their accounting system. To put this on a more personal level, let’s use another example.

Today’s banks are members of the Federal Reserve Banking System. This membership makes it legal for them to create money from nothing and lend it to you. Today’s banks, like the goldsmiths of old, realize that only a small fraction of the money deposited in their banks is ever actually withdrawn in the form of cash. Only about 4 percent of all the money that exists is in the form of currency. The rest of it is simply a computer entry.

Let’s say you’re approved to borrow $10,000 to do some home improvements. You know that the bank didn’t actually take $10,000 from its pile of cash and put it into your pile? They simply went to their computer and input an entry of $10,000 into your account. They created, from thin air, a debt which you have to secure with an asset and repay with interest. The bank is allowed to create and lend as much debt as they want as long as they do not exceed the 10:1 ratio imposed by the FED.

It sort of puts a new slant on how you view your friendly bank, doesn’t it? How about those loan committees that scrutinize you with a microscope before approving the loan they created from thin air. What a hoot! They make it complex for a reason. They don’t want you to understand what they are doing. People fear what they do not understand. You are easier to delude and control when you are ignorant and afraid.

Now to put the frosting on this cake. When was the income tax created? If you guessed 1913, the same year that the FED was created, you get a gold star. Coincidence? What are the odds? If you are going to use the FED to create debt, who is going to repay that debt? The income tax was created to complete the illusion that real money had been lent and therefore real money had to be repaid. And you thought Houdini was good.

So, what can be done? My father taught me that you should always stand up for what is right, even if you have to stand up alone.

If “We the People” don’t take some action now, there may come a time when “We the People” are no more. You should write a letter or send an email to each of your elected representatives. Many of our elected representatives do not understand the FED. Once informed they will not be able to plead ignorance and remain silent.

Article 1, Section 8 of the US Constitution specifically says that Congress is the only body that can “coin money and regulate the value thereof.” The US Constitution has never been amended to allow anyone other than Congress to coin and regulate currency.

Ask your representative, in light of that information, how it is possible for the Federal Reserve Act of 1913, and the Federal Reserve Bank that it created, to be constitutional. Ask them why this private banking cartel is allowed to reap trillions of dollars in profits without paying taxes. Insist on an answer.

Thomas Jefferson said, “If the America people ever allow private banks to control the issuance of their currencies, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their prosperity until their children will wake up homeless on the continent their fathers conquered.”

Jefferson saw it coming 150 years ago. The question is, “Can you now see what is in store for us if we allow the FED to continue controlling our country?”

“The condition upon which God hath given liberty to man is eternal vigilance; which condition if he breaks, servitude is at once the consequence of his crime, and the punishment of his guilt.”

Source: http://www.john-f-kennedy.net/thefederalreserve.htm

Ron Paul
Prisonplanet.com
Feb 15, 2011

For the past three decades, the Federal Reserve has been given a dual mandate: keeping prices stable and maximizing employment. This policy relies not only on the fatal conceit of believing in the wisdom of supposed experts, but also on numerical chicanery.

Rather than understanding inflation in the classical sense as a monetary phenomenon– an increase in the money supply- it has been redefined as an increase in the Consumer Price Index (CPI). The CPI is calculated based on a weighted basket of goods which is constantly fluctuating, allowing for manipulation of the index to keep inflation expectations low. Employment figures are much the same, relying on survey data, seasonal adjustments, and birth/death models, while the major focus remains on the unemployment rate. Of course, the unemployment rate can fall as discouraged workers drop out of the labor market altogether, leading to the phenomenon of a falling unemployment rate with no job growth.

In terms of keeping stable prices, the Fed has failed miserably. According to the government’s own CPI calculators, it takes $2.65 today to purchase what cost one dollar in 1980. And since its creation in 1913, the Federal Reserve has presided over a 98% decline in the dollar’s purchasing power. The average American family sees the price of milk, eggs, and meat increasing, while packaged household goods decrease in size rather than price.

Loose fiscal policy has failed to create jobs also. Consider that we had a $700 billion TARP program, nearly $1 trillion in stimulus spending, a government takeover of General Motors, and hundreds of billions of dollars of guarantees to Fannie Mae, Freddie Mac, HUD, FDIC, etc. On top of those programs the Federal Reserve has provided over $4 trillion worth of assistance over the past few years through its credit facilities, purchases of mortgage-backed securities, and now its second round of quantitative easing. Yet even after all these trillions of dollars of spending and bailouts, total nonfarm payroll employment is still seven million jobs lower than it was before this crisis began.

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Deception at the Fed 101210banner4

In this same period of time, the total U.S. population has increased by nine million people. We would expect that roughly four million of these people should have been employed, so we are really dealing with eleven million fewer employed people than would otherwise be expected.

It should not be surprising that monetary policy is ineffective at creating actual jobs. It is the effects of monetary policy itself that cause the boom and bust of the business cycle that leads to swings in the unemployment rate. By lowering interest rates through its loose monetary policy, the Fed spurs investment in long-term projects that would not be profitable at market-determined interest rates. Everything seems to go well for awhile until businesses realize that they cannot sell their newly-built houses, their inventories of iron ore, or their new cars. Until these resources are redirected, often with great economic pain for all involved, true economic recovery cannot begin.

Over $4 trillion in bailout facilities and outright debt monetization, combined with interest rates near zero for over two years, have not and will not contribute to increased employment. What is needed is liquidation of debt and malinvested resources. Pumping money into the same sectors that have just crashed merely prolongs the crisis. Until we learn the lesson that jobs are produced through real savings and investment and not through the creation of new money, we are doomed to repeat this boom and bust cycle.

United States Constitution

Article 1     Section 8

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defense and General Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

To borrow money on the credit of the United States;

To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;

To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

To establish Post Offices and Post Roads;

To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries;

To constitute Tribunals inferior to the Supreme Court;

To define and punish Piracy and Felonies committed on the high Seas, and Offenses against the Law of Nations;

To declare War, grant Letters of Marque and Reprisal, and make Rules concerning Captures on Land and Water;

To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years;

To provide and maintain a Navy;

To make Rules for the Government and Regulation of the land and naval Forces;

To provide for calling forth the Militia to execute the Laws of the Union, suppress Insurrections and repel Invasions;

To provide for organizing, arming, and disciplining the Militia, and for governing such Part of them as may be employed in the Service of  the United States, reserving to the States respectively the Appointment of the Officers, and the Authority of training the Militia according to the discipline prescribed by Congress;

To exercise exclusive Legislation in all Cases whatsoever, over such District (not exceeding ten Miles square) as may, by Cession of particular States, and the acceptance of Congress, become the Seat of the Government of the United States, and to exercise like Authority over all Places purchased by the Consent of the Legislature of the State in which the Same shall be, for the Erection of Forts, Magazines, Arsenals, dock-Yards, and other needful Buildings; And To make all Laws which shall be necessary and proper for carrying into

Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.

It looks to me that the Congress has decided to not follow the Constitution in the above colored areas in regards to the Federal Reserve. Only Congress can coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; and needs to begin to provide for the Punishment of counterfeiting the Securities and current Coin of the United States.

The Federal Reserve has no right to have control of the US mint. Congress cannot turn that right over to anyone or any company or Central Bank without a Constitutional Amendment.

  1. Congress should take back control and fire the Federal Reserve, freeze all bank accounts under $100,000 in the US while freezing all US based assets of any and all International or multinational bank, finance houses, brokerages and declare a “BANK HOLIDAY”.
  2. Send in the forensic accountants and auditors followed by the FBI and State and Local Law enforcement.
  3. Open the Banks to Lawsuits by individuals who signed fraudulent mortgages and force the collector of the Mortgages payment must show the Original Registered Copy of that deed or forgive the loan. Forbid class action except for State/Local Attorneys representing the loss of revenue due to fees avoided by the banks for each time they sold the mortgage (County Clerks charge a fee to register the deed transfer to the new owner).  Make the Courts robo-sign Arrest Warrants based on the evidence to these financial crimes.
  4. Rebase the dollar on gold and silver during the Congressional Bank Holiday (Based on the volume of Dollars in Circulation less the amount held by the Federal Reserve{they do not get repaid “EVER!”}).
  5. Work out payment terms with China to repurchase our Bonds.
  6. Begin to repeal the 16th & 17th Amendments. (Google them)
  7. End all corporate income taxes (get your State to do the same) and watch the companies rush back to the United States and your community, bringing millions of good paying jobs
  8. Place small (or large) tariffs on incoming goods (relevant to what they charge us) to force them to lower theirs. Free Trade was never supposed to mean FREE to them trading here while being taxed to death with our trading with them.
  9. Congress needs to bring the Troops home immediately and use the money saved to build a fast rail or mag-lift train from Coast to Cost both North and South. (the public welfare part)
  10. CLOSE THE BORDER and enforce existing laws of immigration and arrest all State/Local officials, organizations (Government or Private) and any officials thereof, who attempt to thwart its lawful enforcement. Arrest & Evict all non residents who have overstayed their VISA within 60 to 90 Days of arrest.(robo-sign this also). This will reduce the financial burdens of the state health care and other resources.

All ten of these rapid solutions to this bad economy can be found if the Congress only enforces just Section 8 of the Constitution. Can you just imagine how many solutions to our other problems our elected official could implement just by following the entire Constitution?

Follow the Constitution and you will live free!

House Speaker Nancy Pelosi Thursday renewed her pledge to pass an extension of the Bush tax cuts for the middle class, but now she’s leaving the door open to extending the tax cuts for upper-income Americans.

The California Democrat, speaking in the same room House Minority Leader John Boehner (R-Ohio) appeared in earlier in the day, said that the “only thing I can tell you is the tax cuts for the middle class will be extended this Congress,” leaving open the possibility that cuts for people making more than $250,000 could be extended at some point, too.

“What I believe the American people deserve is a tax cut for the middle class,” Pelosi said. “And without getting into procedure and timing and process, what we’re going to do is to say at the end of the day the extension of the Obama middle-income tax cuts will take place, and that’s what I have to say on the subject.”

HR 4646 IH

111th CONGRESS

2d Session

H. R. 4646

To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

IN THE HOUSE OF REPRESENTATIVES

February 23, 2010

Mr. FATTAH introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, Rules, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Debt Free America Act’.

SEC. 2. FINDINGS; PURPOSES.

(a) Findings- The Congress finds the following:

(1) The current tax structure creates economic distortions that limit growth and job creation.

(2) The estimated cost of compliance to taxpayers is five billion hours and approximately $200 billion.

(3) Restructuring the tax code will promote economic prosperity.

(4) Replacing existing Federal taxes with a fee on transactions eliminates systemic inefficiency that plagues the current tax code.

(5) The United States, from its beginning in 1790 to the present, has been free of a national debt for only two years, 1834 and 1835.

(6) The national debt has grown from $75.5 million in 1790 to $5.8 trillion in 2008.

(7) Expressed as a percentage of gross domestic product (GDP), the national debt reached a high of 108.6 percent of GDP in 1946.

(8) After 1946, the national debt as a percentage of GDP declined, reaching a low of 32.5 percent in 1981.

(9) The large budget deficits of the 1980s and 1990s reversed this trend and pushed the percentage to another high of 49.5 percent in 1993.

(10) The Federal budget surpluses from fiscal year 1998 to fiscal year 2001 were used to retire a portion of the publicly held national debt.

(11) Between fiscal year 1997 and fiscal year 2001, the publicly held portion of the national debt declined by more than $400 billion.

(12) Since fiscal year 2002, a return to budget deficits has caused the debt to grow again.

(b) Purposes- The purpose of section 3 of this Act is to establish a fee on most transactions. Such fee–

(1) is different than a sales tax in that a sales tax is charged only on sales to the final consumer and the transaction fee would apply to intermediate users as well as end users,

(2) is different than a value added tax (VAT), commonly used in European and other countries, in that a VAT is imposed only on a portion of a transaction’s value (roughly the difference between an item’s selling price and it’s cost) and the transaction fee would apply to the entire amount of the transaction, and

(3) is intended to raise sufficient revenue to eliminate the national debt, which was $10.6 trillion in January 2009, during a period of 7 years and to phase out the income tax on individuals.

SEC. 3. IMPLEMENTATION OF A TRANSACTION FEE.

(a) In General- Subtitle D of the Internal Revenue Code of 1986 is amended by inserting after chapter 36 the following new chapter:

‘CHAPTER 37–TRANSACTION FEE

‘Sec. 4501. Imposition of transaction fee.

‘SEC. 4501. IMPOSITION OF TRANSACTION FEE.

‘(a) In General- There is hereby imposed on every specified transaction a fee in an amount equal to 1 percent of the amount of such transaction.

‘(b) Specified Transaction- For purposes of this chapter–

‘(1) IN GENERAL- The term ‘specified transaction’ means any transaction that uses a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.

‘(2) TRANSACTION- The term ‘transaction’ includes retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions.

‘(c) Liability for Fee- Persons become liable for the fee at the moment the person exercises control over a piece of property or service, regardless of the payment method.

‘(d) Collection- The fees will be collected by the seller or financial institution servicing the transaction and shall be paid over to the Secretary. In the case of a person who fails to collect and pay over the fee as required under this subsection, such person shall become liable for the fee not so collected and paid over.

‘(e) Potential Exclusions- Subsection (a) shall not apply to transactions involving stock (and any options or derivatives with respect to stock) until–

‘(1) such time as the United States enters into an international agreement that regulates domestic and international stock exchanges, or

‘(2) the Secretary issues recommendations regarding the application of the fee as it applies to stock.

‘(f) Regulations- The Secretary shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including regulations or other guidance which require reporting of such information as the Secretary determines appropriate to prevent under reporting of the amounts on which a fee is imposed by this section.’.

(b) Clerical Amendment- The table of chapters for the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36 the following new item:

‘Chapter 37. Transaction Fee.’.

(c) Effective Date- The amendments made by this section shall apply to transactions in calendar years beginning after the date of the enactment of this Act.

SEC. 4. INCOME TAX CREDIT DURING PERIOD THAT TRANSACTION FEE AND INDIVIDUAL INCOME TAX ARE IN EFFECT.

(a) In General- Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 25D the following new section:

‘SEC. 25E. CREDIT DURING PERIOD OF TRANSACTION FEE AND INDIVIDUAL INCOME TAX.

‘(a) In General- In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 1 percent of the taxpayer’s adjusted gross income.

‘(b) Phaseout Based on Adjusted Gross Income- The credit allowed under subsection (a) for any taxable year shall be reduced (but not below zero) by an amount which bears the same ratio to the amount of such credit (determined without regard to this subsection) as–

‘(1) the excess (if any) of the taxpayer’s adjusted gross income for such taxable year over $100,000 ($250,000 in the case of a joint return), bears to

‘(2) $10,000 ($20,000 in the case of a joint return).’.

(b) Clerical Amendment- The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25D the following new item:

‘Sec. 25E. Credit during period of transaction fee and individual income tax.’.

(c) Effective Date- The amendments made by this section shall apply to taxable years beginning during calendar years beginning after the date of the enactment of this Act.

SEC. 5. ESTABLISHMENT OF TASK FORCE.

(a) In General- Title III of the Congressional Budget Act of 1974 (2 U.S.C. 631 et seq.) is amended by adding at the end the following new section:

‘ESTABLISHMENT OF TASK FORCE FOR RESPONSIBLE FISCAL ACTION

‘Sec. 316. (a) Definitions- In this section:

‘(1) TASK FORCE- The term ‘Task Force’ means the Bipartisan Task Force for Responsible Fiscal Action established under subsection (b)(1).

‘(2) TASK FORCE BILL- The term ‘Task Force bill’ means a bill consisting of the proposed legislative language of the Task Force recommended under subsection (b)(3)(B) and introduced under subsection (e)(1).

‘(3) FISCAL IMBALANCE- The term ‘fiscal imbalance’ means the gap between the projected revenues and expenditures of the Federal Government.

‘(b) Establishment of Task Force-

‘(1) ESTABLISHMENT- There is established in the legislative branch a task force to be known as the ‘Bipartisan Task Force for Responsible Fiscal Action’.

‘(2) PURPOSES-

‘(A) REVIEW- The Task Force shall review the fiscal imbalance of the Federal Government, including–

‘(i) analyses of projected Federal expenditures;

‘(ii) analyses of projected Federal revenues; and

‘(iii) analyses of the current and long-term actuarial financial condition of the Federal Government.

‘(B) IDENTIFY FACTORS- The Task Force shall identify factors that affect the long-term fiscal imbalance of the Federal Government.

‘(C) ANALYZE POTENTIAL COURSES OF ACTION- The Task Force shall analyze potential courses of action to address factors that affect the long-term fiscal imbalance of the Federal Government.

‘(D) PROVIDE RECOMMENDATIONS AND LEGISLATIVE LANGUAGE- The Task Force shall provide recommendations and legislative language that will significantly improve the long-term fiscal imbalance of the Federal Government, including recommendations addressing–

‘(i) Federal expenditures;

‘(ii) Federal revenues; and

‘(iii) the current and long-term actuarial financial condition of the Federal Government.

‘(3) DUTIES-

‘(A) IN GENERAL- The Task Force shall address the Nation’s long-term fiscal imbalances, consistent with the purposes described in paragraph (2), and shall submit the report and recommendations required under subparagraph (B).

‘(B) REPORT, RECOMMENDATIONS, AND LEGISLATIVE LANGUAGE-

‘(i) IN GENERAL- Not earlier than November 3, 2010, and not later than November 9, 2010, the Task Force shall vote on a report that contains–

‘(I) a detailed statement of the findings, conclusions, and recommendations of the Task Force;

‘(II) the assumptions, scenarios, and alternatives considered in reaching such findings, conclusions, and recommendations; and

‘(III) proposed legislative language to carry out such recommendations as described in paragraph (2)(D).

‘(ii) APPROVAL OF REPORT- The report of the Task Force submitted under clause (i) shall require the approval of not fewer than 14 of the 18 members of the Task Force.

‘(iii) ADDITIONAL VIEWS- A member of the Task Force who gives notice of an intention to file supplemental, minority, or additional views at the time of final Task Force approval of the report under clause (ii), shall be entitled to not less than 3 calendar days in which to file such views in writing with the staff director of the Task Force. Such views shall then be included in the Task Force report and printed in the same volume, or part thereof, and their inclusion shall be noted on the cover of the report. In the absence of timely notice, the Task Force report may be printed and transmitted immediately without such views.

‘(iv) TRANSMISSION OF REPORT- No later than November 15, 2010, the Task Force shall submit the Task Force bill and final report to the President, the Vice President, the Speaker of the House, and the majority and minority leaders of both Houses.

‘(v) REPORT TO BE MADE PUBLIC- Upon the approval or disapproval of the Task Force report pursuant to clause (ii), the Task Force shall promptly make the full report, and a record of the vote, available to the public.

‘(4) MEMBERSHIP-

‘(A) IN GENERAL- The Task Force shall be composed of 18 members designated pursuant to subparagraph (B).

‘(B) DESIGNATION- Members of the Task Force shall be designated as follows:

‘(i) The President shall designate 2 members, one of whom shall be the Secretary of the Treasury, and the other of whom shall be an officer of the executive branch.

‘(ii) The majority leader of the Senate shall designate 4 members from among Members of the Senate.

‘(iii) The minority leader of the Senate shall designate 4 members from among Members of the Senate.

‘(iv) The Speaker of the House of Representatives shall designate 4 members from among Members of the House of Representatives.

‘(v) The minority leader of the House of Representatives shall designate 4 members from among Members of the House of Representatives.

‘(C) CO-CHAIRS-

‘(i) IN GENERAL- There shall be 2 Co-Chairs of the Task Force. The President, majority leader of the Senate, and Speaker of the House shall designate one Co-Chair among the members of the Task Force. The minority leader of the Senate and minority leader of the House shall designate the second Co-Chair among the members of the Task Force. The Co-Chairs shall be appointed not later than 14 days after the date of enactment of this section.

‘(ii) STAFF DIRECTOR- The Co-Chairs, acting jointly, shall hire the staff director of the Task Force.

‘(D) DATE- Members of the Task Force shall be designated by not later than 14 days after the date of enactment of this section.

‘(E) PERIOD OF DESIGNATION- Members shall be designated for the life of the Task Force. Any vacancy in the Task Force shall not affect its powers, but shall be filled not later than 14 days after the date on which the vacancy occurs in the same manner as the original designation.

‘(F) COMPENSATION- Members of the Task Force shall serve without any additional compensation for their work on the Task Force. However, members may be allowed travel expenses, including per diem in lieu of subsistence, in accordance with sections 5702 and 5703 of title 5, United States Code, while away from their homes or regular places of business in performance of services for the Task Force.

‘(5) ADMINISTRATION-

‘(A) AUTHORITY TO ESTABLISH RULES AND REGULATIONS- The Co-Chairs, in consultation with the other members of the Task Force, may establish rules and regulations for the conduct of Task Force business, if such rules and regulations are not inconsistent with this section or other applicable law.

‘(B) QUORUM- Fourteen members of the Task Force shall constitute a quorum for purposes of voting, meeting, and holding hearings.

‘(C) VOTING-

‘(i) PROXY VOTING- No proxy voting shall be allowed on behalf of the members of the Task Force.

‘(ii) REPORT, RECOMMENDATIONS AND LEGISLATIVE LANGUAGE-

‘(I) DATES- The Task Force may not vote on any version of the report, recommendations, or legislative language before the timing provided for in paragraph (3)(B)(i).

‘(II) CONGRESSIONAL BUDGET OFFICE AND JOINT COMMITTEE ON TAXATION ESTIMATES- The Congressional Budget Office and Joint Committee on Taxation shall provide estimates of the Task Force report and recommendations (as described in subsection (b)(2)(D)) in accordance with section 308(a) and 201(f) of the Congressional Budget Act of 1974. The Task Force may not vote on any version of the report, recommendations, or legislative language unless a final estimate is available for consideration by all the members at least 72 hours prior to the vote.

‘(D) HEARINGS- The Task Force may, for the purpose of carrying out this section, hold such hearings, sit and act at such times and places, take such testimony, receive such evidence, and administer such oaths the Task Force considers advisable.

‘(c) Expedited Consideration of Task Force Recommendations-

‘(1) INTRODUCTION-

‘(A) RECONVENING-

‘(i) IN THE HOUSE OF REPRESENTATIVES- Upon receipt of a report under subsection (b)(3)(B), the Speaker, if the House would otherwise be adjourned, shall notify the Members of the House that, pursuant to this section, the House shall convene not later than November 23, 2010.

‘(ii) IN THE SENATE-

‘(I) CONVENING- Upon receipt of a report under subsection (b)(3)(B), if the Senate has adjourned or recessed for more than 2 days, the majority leader of the Senate, after consultation with the minority leader of the Senate, shall notify the Members of the Senate that, pursuant to this section, the Senate shall convene not later than November 23, 2010.

‘(II) ADJOURNING- No concurrent resolution adjourning the Senate for more than 3 days shall be in order until the Senate votes on passage of the Task Force bill under paragraph (2)(B)(iv).

‘(B) INTRODUCTION OF TASK FORCE BILL- The proposed legislative language contained in the report submitted pursuant to subsection (b)(3)(B), upon receipt by the Congress, shall be introduced not later than November 23, 2010, in the Senate and in the House of Representatives by the majority leader of each House of Congress, for himself, the minority leader of each House of Congress, for himself, or any member of the House designated by the majority leader or minority leader. If the Task Force bill is not introduced in accordance with the preceding sentence in either House of Congress, then any Member of that House may introduce the Task Force bill on any day thereafter. Upon introduction, the Task Force bill shall be referred to the appropriate committees under subparagraph (C).

‘(C) COMMITTEE CONSIDERATION- A Task Force bill introduced in either House of Congress shall be jointly referred to the committee or committees of jurisdiction and the Committee on the Budget of that House, which committees shall report the bill without any revision and with a favorable recommendation, an unfavorable recommendation, or without recommendation, not later than 7 calendar days after the date of introduction of the bill in that House, or the first day thereafter on which that House is in session. If any committee fails to report the bill within that period, that committee shall be automatically discharged from consideration of the bill, and the bill shall be placed on the appropriate calendar.

‘(2) EXPEDITED PROCEDURES-

‘(A) FAST TRACK CONSIDERATION IN HOUSE OF REPRESENTATIVES-

‘(i) PROCEEDING TO CONSIDERATION- It shall be in order, not later than 2 days of session after the date on which a Task Force bill is reported or discharged from all committees to which it was referred, for the majority leader of the House of Representatives or the majority leader’s designee, to move to proceed to the consideration of the Task Force bill. It shall also be in order for any Member of the House of Representatives to move to proceed to the consideration of the Task Force bill at any time after the conclusion of such 2-day period. All points of order against the motion are waived. Such a motion shall not be in order after the House has disposed of a motion to proceed on the Task Force bill. The previous question shall be considered as ordered on the motion to its adoption without intervening motion. The motion shall not be debatable. A motion to reconsider the vote by which the motion is disposed of shall not be in order.

‘(ii) CONSIDERATION- The Task Force bill shall be considered as read. All points of order against the Task Force bill and against its consideration are waived. The previous question shall be considered as ordered on the Task Force bill to its passage without intervening motion except 100 hours of debate equally divided and controlled by the proponent and an opponent, and any motion to limit debate. A motion to reconsider the vote on passage of the Task Force bill shall not be in order.

‘(iii) APPEALS- Appeals from decisions of the chair relating to the application of the Rules of the House of Representatives to the procedure relating to a Task Force bill shall be decided without debate.

‘(iv) APPLICATION OF HOUSE RULES- Except to the extent specifically provided in paragraph (2)(A), consideration of a Task Force bill shall be governed by the Rules of the House of Representatives. It shall not be in order in the House of Representatives to consider any Task Force bill introduced pursuant to the provisions of this subsection under a suspension of the rules pursuant to Clause 1 of House Rule XV, or under a special rule reported by the House Committee on Rules.

‘(v) NO AMENDMENTS- No amendment to the Task Force bill shall be in order in the House of Representatives.

‘(vi) VOTE ON PASSAGE- Immediately following the conclusion of consideration of the Task Force bill, the vote on passage of the Task Force bill shall occur without any intervening action or motion, requiring an affirmative vote of three-fifths of the Members, duly chosen and sworn. If the Task Force bill is passed, the Clerk of the House of Representatives shall cause the bill to be transmitted to the Senate before the close of the next day of session of the House. The vote on passage shall occur not later than December 23, 2010.

‘(vii) VOTE- The House Committee on Rules may not report a rule or order that would have the effect of causing the Task Force bill to be approved by a vote of less than three-fifths of the Members, duly chosen and sworn.

‘(B) FAST TRACK CONSIDERATION IN SENATE-

‘(i) IN GENERAL- Notwithstanding Rule XXII of the Standing Rules of the Senate, it is in order, not later than 2 days of session after the date on which a Task Force bill is reported or discharged from all committees to which it was referred, for the majority leader of the Senate or the majority leader’s designee to move to proceed to the consideration of the Task Force bill. It shall also be in order for any Member of the Senate to move to proceed to the consideration of the Task Force bill at any time after the conclusion of such 2-day period. A motion to proceed is in order even though a previous motion to the same effect has been disagreed to. All points of order against the motion to proceed to the Task Force bill are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the Task Force bill is agreed to, the Task Force bill shall remain the unfinished business until disposed of.

‘(ii) DEBATE- All points of order against the Task Force bill and against consideration of the Task Force bill are waived. Consideration of the Task Force bill and of all debatable motions and appeals in connection therewith shall not exceed a total of 100 hours. Debate shall be divided equally between the majority and minority leaders or their designees. A motion further to limit debate on the Task Force bill is in order, shall require an affirmative vote of three-fifths of the Members duly chosen and sworn, and is not debatable. Any debatable motion or appeal is debatable for not to exceed 1 hour, to be divided equally between those favoring and those opposing the motion or appeal. All time used for consideration of the Task Force bill, including time used for quorum calls and voting, shall be counted against the total 100 hours of consideration.

‘(iii) NO AMENDMENTS- An amendment to the Task Force bill, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the Task Force bill, is not in order.

‘(iv) VOTE ON PASSAGE- The vote on passage shall occur immediately following the conclusion of the debate on a Task Force bill, and a single quorum call at the conclusion of the debate if requested. Passage shall require an affirmative vote of three-fifths of the Members, duly chosen and sworn. The vote on passage shall occur not later than December 23, 2010.

‘(v) ADJOURNMENT- If, by December 23, 2010, either House has failed to adopt a motion to proceed to the Task Force bill, paragraph (1)(A)(ii)(II) shall not apply.

‘(vi) RULINGS OF THE CHAIR ON PROCEDURE- Appeals from the decisions of the Chair relating to the application of the rules of the Senate, as the case may be, to the procedure relating to a Task Force bill shall be decided without debate.

‘(C) RULES TO COORDINATE ACTION WITH OTHER HOUSE-

‘(i) REFERRAL- If, before the passage by 1 House of a Task Force bill of that House, that House receives from the other House a Task Force bill, then the Task Force bill of the other House shall not be referred to a committee and shall immediately be placed on the calendar.

‘(ii) PROCEDURE- If the Senate receives the Task Force bill passed by the House of Representatives before the Senate has voted on passage of the Task Force bill–

‘(I) the procedure in the Senate shall be the same as if no Task Force bill had been received from House of Representatives; and

‘(II) the vote on passage in the Senate shall be on the Task Force bill of the House of Representatives.

‘(iii) TREATMENT OF TASK FORCE BILL OF OTHER HOUSE- If 1 House fails to introduce or consider a Task Force bill under this section, the Task Force bill of the other House shall be entitled to expedited floor procedures under this section.

‘(iv) TREATMENT OF COMPANION MEASURES IN THE SENATE- If following passage of the Task Force bill in the Senate, the Senate then receives the Task Force bill from the House of Representatives, the House-passed Task Force bill shall not be debatable. The vote on passage of the Task Force bill in the Senate shall be considered to be the vote on passage of the Task Force bill received from the House of Representatives.

‘(v) VETOES- If the President vetoes the Task Force bill, debate on a veto message in the Senate under this section shall be 1 hour equally divided between the majority and minority leaders or their designees.

‘(3) SUSPENSION- No motion to suspend the application of this subsection shall be in order in the Senate or in the House of Representatives.’.

(b) Funding- From the amounts appropriated or made available and remaining unobligated under division A (other than under title X of division A) of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5), there is rescinded pro rata an aggregate amount equal to $9,000,000, which amount shall be made available without need for further appropriation to the Bipartisan Task Force for Responsible Fiscal Action to carry out the purposes of the Bipartisan Task Force for Responsible Fiscal Action, and which shall remain available through fiscal year 2011. Not later than 14 days after the date of enactment of this section, the Director of the Office of Management and Budget shall administer the rescission and make available such amount to the Bipartisan Task Force for Responsible Fiscal Action.

SEC. 6. REPEAL OF INCOME TAX ON INDIVIDUALS.

(a) In General- Chapter 1 of the Internal Revenue Code of 1986 is amended by striking the following provisions:

(1) Part I of subchapter A.

(2) Subpart A of part IV of subchapter A.

(3) Sections 31, 32, 35, 36, and 36A.

(b) Repeal of Alternative Minimum Tax for Individuals- Section 55 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

‘(f) Exemption for Noncorporate Taxpayers- The tentative minimum tax for any taxpayer other than a corporation shall be zero.’.

(c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2017.

SEC. 7. PRIORITIZATION FOR REPAYMENT OF NATIONAL DEBT.

To take into account the national security concerns of the United States, the Secretary of the Treasury, in consultation with the Secretary of State, shall prioritize the repayment of the national debt and shall take into account circumstances in which the Secretary of the Treasury determines the early repayment of outstanding debt is detrimental to the fiscal stability of the United States.

SEC. 8. STUDY AND REPORT.

(a) Study- The Secretary of the Treasury, in consultation with the Chairman of the Federal Reserve, shall–

(1) analyze methods to prevent and relieve any distortions among economic sectors created by the implementation of this Act,

(2) make recommendations regarding the application of the transaction fee established under this Act to barter transactions which do not involve a payment instrument,

(3) assess the transaction fee established under this Act as a tool of Federal fiscal policy, including an impact analysis on the elimination or retention of existing tax expenditures, incentives, penalties, and credits, including–

(A) the earned income credit,

(B) the alternative minimum tax,

(C) the child tax credit, and

(D) the deduction for mortgage interest,

(4) analyze the extent to which the transaction fee could offset the cost to the Federal Government of increasing discretionary and mandatory spending, particularly expenditures related to education, defense, Social Security, Medicare, and Medicaid,

(5) make recommendations with respect to the Internal Revenue Service, which–

(A) assume the transition and grandfathering of all existing personnel of the Internal Revenue Service,

(B) identify the elements of the current Internal Revenue Service needed to administer the transaction fee, and

(C) examine the feasibility of modifying the overall mission and jurisdiction of the Internal Revenue Service from one focused on tax law application to one focused on uncovering waste, fraud, and abuse throughout the Federal Government, and

(6) make determinations and recommendations for methods of phasing out the income tax on individuals before its repeal under section 4 in a manner which is consistent with the purposes described in section 2(b)(3).

(b) Report- The Secretary of the Treasury shall, not later than 1 year after the date of the enactment of this Act, submit to Congress a written report containing the results, determinations, and recommendations of the Secretary under subsection (a).