Is this legal?

Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines "transaction" to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions. Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations. Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act.

[emphasis added]

Does it matter? Its B Hussein Obama, doesn't matter if its legal or not, your a racist.

And I'm white, from Lakeside, so I must be a racist.

This administration makes me sick!

When someone borrow's money, aren't they supposed to pay it back. We( the taxpayers) loaned all this money, and now we have to pay it back, how the eff does that work!

Summary of the eRumor:
This is a forwarded email that says President Obama's finance team is planning to impose a 1% tax on all transactions conducted in financial institutions and that they plan to sneak it in after the November election.

The Truth:
There is a Congressional House Bill, HR-4646, the Debt Free America Act that was introduced in Congress on February 23, 2010, but we have not found any evidence that the bill is being snuck in as the eRumor alleges.

The bill was sponsored by Democratic Congressional Representative Chaka Fattah of Pennsylvania and says that it is to "establish a fee on transactions which would eliminate the national debt and replace the income tax on individuals." Fattah has a description of the bill along with a press release posted on his Congressional web site. Fattah is a member of the House Appropriations Committee.

The Thomas Library is the official site where legislative bills are posted and progress can be monitored. The bill can easily be found and currently the Thomas Library site shows that the Debt Free America Act is in the House committee and then will be referred to the Committee on Ways and Means, the Committees on the Budget, Rules, and Appropriations. Click here for the Thomas Library for text and status of the bill.

The Debt Free America Act HR-4646 can also be found at the Govtrack US site, a civic project that tracks legislative activity.