HR 5353 IHCommentsClose CommentsPermalink

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.CommentsClose CommentsPermalink

May 20, 2010CommentsClose CommentsPermalink

Mr. GRAYSON (for himself, Mr. KUCINICH, Ms. WOOLSEY, Mr. CONYERS, Ms. LEE of California, Mr. PAUL, and Mr. JONES) introduced the following bill; which was referred to the Committee on Armed Services, and in addition to the Committee on Ways and Means, 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 concernedCommentsClose CommentsPermalink

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.CommentsClose CommentsPermalink

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

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘War is Making You Poor Act’.CommentsClose CommentsPermalink

SEC. 2. WAR ON TERROR TO BE FUNDED BY DEPARTMENT OF DEFENSE BUDGET.

Of the amounts made available to the Department of Defense in any appropriations Act for fiscal year 2011--CommentsClose CommentsPermalink





(1) such amounts for the base budget shall not exceed an amount equal to the $548,919,000,000 specified in the budget of the United States Government for fiscal year 2011, submitted by the President under section 1105(a) of title 31, United States Code, andCommentsClose CommentsPermalink





(2) such amounts for overseas contingency operations in Iraq, Afghanistan, or Pakistan--CommentsClose CommentsPermalink





(A) may not be made available in a separate discretionary account, andCommentsClose CommentsPermalink





(B) shall be made available without taking into account the additional $159,300,000,000 specified for such operations in such budget.CommentsClose CommentsPermalink

SEC. 3. WAR IS MAKING YOU POOR CREDIT.

(a) In General- Subchapter B of chapter 65 is amended by adding at the end the following new section:CommentsClose CommentsPermalink

‘SEC. 6433. WAR IS MAKING YOU POOR CREDIT.

‘(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2011 an amount equal to the net income tax liability of the taxpayer for the taxable year (determined without regard this section).CommentsClose CommentsPermalink





‘(b) Limitation Based on Modified Adjusted Gross Income-CommentsClose CommentsPermalink





‘(1) IN GENERAL- The amount which would (but for this subsection) be allowed as a credit under subsection (a) for the taxable year shall be reduced (but not below zero) by the amount which bears the same ratio to the amount which would be so allowed as--CommentsClose CommentsPermalink





‘(A) the excess of--CommentsClose CommentsPermalink





‘(i) the taxpayer’s modified adjusted gross income for such taxable year, overCommentsClose CommentsPermalink





‘(ii) $35,000 ($70,000 in the case of a joint return), bears toCommentsClose CommentsPermalink





‘(B) $10,000 ($20,000 in the case of a joint return).CommentsClose CommentsPermalink





‘(2) MODIFIED ADJUSTED GROSS INCOME- For purposes of this subsection, the term ‘modified adjusted gross income’ means the adjusted gross income of the taxpayer for the taxable year increased by any amount excluded from gross income under sections 911, 931, or 933.CommentsClose CommentsPermalink





‘(c) Rules Similar to 2008 Recovery Rebates- Rules similar to the rules of subsections (b), (c), and (e) through (h) of section 6428 shall apply for purposes of this section.’.CommentsClose CommentsPermalink





(b) Clerical Amendment- The table of sections for subchapter B of chapter 65 is amended by adding at the end the following new item:CommentsClose CommentsPermalink





‘Sec. 6433. War is making you poor credit.’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall take effect on the date of the enactment of this Act.CommentsClose CommentsPermalink