3.0.0 3496 2023-01-11T13:19:47Z 2023-01-11T13:19:47Z Senate S S 2010-06-16 111 ssfi00 Finance Committee Senate Standing Referred to 2010-06-16T17:02:14Z Debt Buy-Down Act 111 5536 HR 2010-06-16 Referred to House Budget Identical bill CRS 2010-06-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2010-06-16 Introduced in Senate IntroReferral 10000 9 Library of Congress M000303 Sen. McCain, John [R-AZ] JOHN MCCAIN R AZ SIDNEY N Taxation Budget deficits and national debt Budget process Government trust funds Tax administration and collection, taxpayers Taxation 00 2010-06-16 Introduced in Senate 2010-07-21T21:13:30Z 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.

]]> Debt Buy-Down Act Display Title Debt Buy-Down Act Official Title as Introduced 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. Introduced in Senate IS Short Titles as Introduced Debt Buy-Down Act Introduced in Senate 2010-06-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3496is/xml/BILLS-111s3496is.xml 2010-06-16 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.