3.0.0 1552 2023-01-11T13:37:07Z 2023-01-11T13:37:07Z Senate S 2017-07-13 115 ssfi00 Finance Committee Senate Standing Referred to 2017-07-13T18:17:46Z 2017-07-13 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3999) IntroReferral 2017-07-13 Introduced in Senate IntroReferral 10000 9 Library of Congress F000444 Sen. Flake, Jeff [R-AZ] JEFF FLAKE R AZ N R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2017-07-20 False Economics and Public Finance Budget deficits and national debt Budget process Government trust funds Tax administration and collection, taxpayers Economics and Public Finance 00 2017-07-13 Introduced in Senate 2017-11-07T13:07:07Z Debt Buy-Down Act

This bill 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.

The bill also establishes in the Treasury a Public Debt Reduction Trust Fund to hold tax revenues generated by this bill for the reduction of the public debt.

The bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 to: (1) require spending to be reduced annually by an amount equivalent to the revenue generated by this bill, and (2) enforce the requirement for spending reductions using a sequestration, with exemptions for Social Security retirement benefits, veterans benefits, and net interest payments on the debt.

(Sequestration is a process of automatic, usually across-the-board spending reductions under which budgetary resources are permanently cancelled to enforce specific budget policy goals.)

]]> 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 2017-07-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1552is/xml/BILLS-115s1552is.xml 2017-07-13 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3999) 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.