"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"
What i found interesting though was the last part "Phasing out of the individual Income Tax". I would think this 1% would end up being more than the income tax itself.
http://www.politifact.com/oregon/sta...-transactions/
Before you start claiming obama the socialist. This bill has no backing from anyone appearantly.