[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2411 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2411

    To provide for an employee election on Form W-4 to have amounts 
 deducted and withheld from wages to be used to reduce the public debt.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 6, 2011

  Mr. Crawford (for himself, Mr. Tiberi, Mr. Fincher, Mr. Landry, Mr. 
Denham, Mr. Dold, Mr. Flores, Mr. Griffin of Arkansas, Mr. Austin Scott 
  of Georgia, Mr. Huizenga of Michigan, Mr. Palazzo, and Mr. Guinta) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To provide for an employee election on Form W-4 to have amounts 
 deducted and withheld from wages to be used to reduce the public debt.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Reduce America's Debt Now Act of 
2011''.

SEC. 2. VOLUNTARY WITHHOLDING FROM PAYROLL FOR REDUCTION OF THE PUBLIC 
              DEBT.

    (a) In General.--An employee may elect for an employer to deduct 
and withhold upon the payment of wages by such employer amounts to be 
used to reduce the public debt.
    (b) Requirement of Withholding.--Every employer making payment of 
wages shall deduct and withhold upon such wages any amounts so elected, 
and shall pay such amounts over to the Secretary of the Treasury at 
such times and in such manner as the Secretary shall by regulation 
prescribe.
    (c) Transfers to Account To Reduce Public Debt.--The Secretary 
shall, not less frequently than monthly, transfer to the special 
account established by section 3113(d) of title 31, United States Code, 
amounts equal to the amounts paid over under subsection (b).
    (d) Definitions and Special Rules.--For purposes of this section--
            (1) Wages, employee, etc.--The terms ``wages'', 
        ``employee'', and ``employer'' shall have the respective 
        meanings given such terms under section 3401(a) of the Internal 
        Revenue Code of 1986.
            (2) Amounts not deductible.--Notwithstanding section 
        170(c)(1) of such Code, no deduction shall be allowed for any 
        amount deducted and withheld from wages under subsection (a).
            (3) Election to be included on withholding exemption 
        certificate.--Not later December 31, 2011, the Secretary of the 
        Treasury shall modify withholding exemption certificates 
        (described in section 3402(f)(2) of such Code) to include the 
        election under subsection (a). The Secretary shall include on 
        such certificates a reasonably conspicuous statement that any 
        amounts deducted and withheld from wages under subsection (a) 
        are not deductible as charitable contributions for Federal 
        income tax purposes.
    (e) Effective Date.--This section shall apply to remuneration paid 
after December 31, 2011.

SEC. 3. EXCLUSION OF PUBLIC DEBT WITHHOLDING FROM WAGES.

    (a) Social Security Taxes.--
            (1) Amendment to 1986 code.--Subsection (a) of section 3121 
        of the Internal Revenue Code of 1986 is amended by striking 
        ``or'' at the end of paragraph (22), by striking the period at 
        the end of paragraph (23) and inserting ``; or'', and by 
        inserting after paragraph (23) the following new paragraph:
            ``(24) any amount deducted and withheld pursuant to an 
        election under section 2 of the Reduce America's Debt Now Act 
        of 2011.''.
            (2) Amendment to social security act.--Section 209(a) of 
        the Social Security Act is amended by striking ``or'' at the 
        end of paragraph (19), by striking the period at the end of 
        paragraph (20) and inserting ``; or'', and by inserting after 
        paragraph (20) the following new paragraph:
            ``(21) Any amount deducted and withheld pursuant to an 
        election under section 2 of the Reduce America's Debt Now Act 
        of 2011.''.
    (b) Unemployment Taxes.--Subsection (b) of section 3306 of the 
Internal Revenue Code of 1986 is amended by striking ``or'' at the end 
of paragraph (19), by striking the period at the end of paragraph (20) 
and inserting ``; or'', and by inserting after paragraph (20) the 
following new paragraph:
            ``(21) any amount deducted and withheld pursuant to an 
        election under section 2 of the Reduce America's Debt Now Act 
        of 2011.''.
    (c) Wage Withholding.--Subsection (a) of section 3401 of such Code 
is amended by striking ``or'' at the end of paragraph (22), by striking 
the period at the end of paragraph (23) and inserting ``; or'', and by 
inserting after paragraph (23) the following new paragraph:
            ``(24) any amount deducted and withheld pursuant to an 
        election under section 2 of the Reduce America's Debt Now Act 
        of 2011.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to remuneration made after December 31, 2011.
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