HR 5536
111th Congress
House
Taxation
Budget deficits and national debt
Budget process
Government trust funds
Tax administration and collection, taxpayers
Debt Buy-Down Act
Introduced: June 16, 2010
See on congress.gov
Everywhere this bill has been
4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 16, 2010
Referred to House Budget
Jun 16, 2010
Referred to House Ways and Means
Jun 16, 2010
Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, 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 concerned.
Jun 16, 2010
Introduced in House
Plain-English summary
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.
What's happening now
Referred to House Budget
Committees of jurisdiction
2