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Public Statements

Question of the Week: Debt Free America Act


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Question: Do you support H.R. 4646, the Debt Free America Act?

Answer: I oppose H.R. 4646, which would impose a 1 percent fee on all payment instruments processed through the Federal Reserve Bank, including checks, credit cards and payments collected at the point of sale. This would also include ordinary deposits into bank accounts.

The stated purpose of this new tax is to reduce our current budget deficit. However, imposing a tax on virtually all consumer and business transactions would hurt our economic growth, undermine investment and hurt job creation. We need to balance the budget through eliminating wasteful government spending and growing the economy, not through new taxes.



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