U.S. Congress - S.574 Debt Buy-Down Act
S.574 - Debt Buy-Down Act
A bill to amend the Internal Revenue Code of 1986 to allow individuals to designate that up to 10 percent of their income tax liability be used to reduce the national debt, and to require spending reductions equal to the amounts so designated. view all titles (2)
All Bill Titles
- Short: Debt Buy-Down Act as introduced.
- Official: A bill to amend the Internal Revenue Code of 1986 to allow individuals to designate that up to 10 percent of their income tax liability be used to reduce the national debt, and to require spending reductions equal to the amounts so designated. as introduced.
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Official Summary
3/15/2011--Introduced.Debt Buy-Down Act - Amends the Internal Revenue Code to allow individual taxpayers to designate up to 10% of their adjusted income tax liability for the reduction of the public debt. Establishes in the Treasury the Public Debt Reduction Trust Fund to hold tax revenuesOfficial Summary
3/15/2011--Introduced.Debt Buy-Down Act - Amends the Internal Revenue Code to allow individual taxpayers to designate up to 10% of their adjusted income tax liability for the reduction of the public debt. Establishes in the Treasury the Public Debt Reduction Trust Fund to hold tax revenues generated by this Act for the reduction of the public debt. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to require a sequestration of federal spending equivalent to the estimated aggregate amount designated by taxpayers under this Act to reduce the public debt. Prohibits any reduction in social security retirement benefits, veterans benefits, or interest payments on federal debt as a result of any such sequestration....Read the Rest
Organizations Supporting S.574
- The Committee for a Responsible Federal Budget
- Center for Fiscal Accountability
- Council for Citizens Against Government Waste
Organizations Opposing S.574
- Tax Policy Center
Recent News Coverage
Health care shifting away from hospitals
Surgery cancellations: We you read about surgeries, it appears ALC is the only culprit. Not true. Last fiscal year, 7% of HSN's 574 surgical cancellations were due to having no available beds (so attributable to ALC). The year before, it was double that.
Fake Orgasms and the Tea Party: Just Another Political Science Convention
Yes, 4,239, and with lots of footnotes, graphs and vector autoregression analyses. Closing my eyes and randomly picking just four papers in the event's 574-page, phonebook-like program, I give you the following: "The Effects of Teachers' Race on Adolescent
Outdoors: Send us info about your clubs
Anglers who bring a photo of them with fish will receive free chips and salsa. For more information, call Beef O’Brady’s, 574-271-1415.
Recent Blog Coverage
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S. 574: A bill to amend the Internal Revenue Code of 1986 to allow ...
A bill in the U.S. Congress: A bill to amend the Internal Revenue Code of 1986 to allow individuals to designate that up to 10 percent of their income tax liability be used to reduce the national debt, and to require ... -
S. 574: Debt Buy-Down Act (GovTrack.us)
A bill in the U.S. Congress: A bill to amend the Internal Revenue Code of 1986 to allow individuals to designate that up to 10 percent of their income tax liability be used to reduce the national debt, and to require spending ...
S. 574: Debt Buy-Down Act (GovTrack.us)
A bill in the U.S. Congress: A bill to amend the Internal Revenue Code of 1986 to allow individuals to designate that up to 10 percent of their income tax liability be used to reduce the national debt, and to require spending ...
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