H.R.5353 - War Is Making You Poor Act

To reduce the $159.3 billion from the discretionary overseas contingency operations funds in the President's fiscal year 2011 budget for operations in Iraq, Afghanistan, and Pakistan (without preventing use of mandatory funds from the Department of Defense budget to execute the War on Terror), and amend the Internal Revenue Code of 1986 to provide individuals a "War is Making You Poor" tax credit against the savings attributable to the overseas contingency operations reduction. view all titles (3)

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  • Official: To reduce the $159.3 billion from the discretionary overseas contingency operations funds in the President's fiscal year 2011 budget for operations in Iraq, Afghanistan, and Pakistan (without preventing use of mandatory funds from the Department of Defense budget to execute the War on Terror), and amend the Internal Revenue Code of 1986 to provide individuals a "War is Making You Poor" tax credit against the savings attributable to the overseas contingency operations reduction. as introduced.
  • Popular: War Is Making You Poor Act as introduced.
  • Short: War is Making You Poor Act as introduced.

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Introduced
 
House
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Senate
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President
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05/19/10
 
 
 
 
 
 
 

Official Bill Text Comment on about 4 Pages

OpenCongress Summary

This bill would eliminate $154 billion of supplemental war funding from the 2011 budget and use the savings to give all U.S. citizens an income tax credit. According to Rep. Grayson, the savings would be "enough to eliminate federal income taxes for the first $35,000 of every American's income." Beyond the tax credit, $15 billion would be left over for paying down the federal deficit.

This bill would not defund the Iraq and Afghanistan wars. It would required the Defense Department to use their regularly allocated funds (approx. $549 billion) for their operations.
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.

Official Summary

5/20/2010--Introduced.War is Making You Poor Act - Limits amounts made available to the Department of Defense (DOD) in any appropriations Act for fiscal year 2011 that may be available for the base budget or for overseas contingency operations in Iraq, Afghanistan, or Pakistan. Amends the
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Official Summary

5/20/2010--Introduced.War is Making You Poor Act - Limits amounts made available to the Department of Defense (DOD) in any appropriations Act for fiscal year 2011 that may be available for the base budget or for overseas contingency operations in Iraq, Afghanistan, or Pakistan. Amends the Internal Revenue Code to allow individual taxpayers whose modified adjusted gross income is $35,000 or less ($70,000 for married couples) a tax credit (designated as the War is Making You Poor Tax Credit) equal to their net income tax liability for the first taxable year beginning in 2011.

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