HR 634

112th CONGRESS
1st Session

H. R. 634

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.

IN THE HOUSE OF REPRESENTATIVES

February 10, 2011

Mr. FLAKE (for himself, Mr. CHAFFETZ, Mrs. BLACKBURN, Mr. FLEMING, Mr. HUELSKAMP, Mr. BISHOP of Utah, and Mr. SENSENBRENNER) introduced the following bill; which was 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


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.

SECTION 1. SHORT TITLE.

SEC. 2. DESIGNATION OF AMOUNTS FOR REDUCTION OF PUBLIC DEBT.

`PART IX--DESIGNATION FOR REDUCTION OF PUBLIC DEBT

`SEC. 6097. DESIGNATION.

`Part IX. Designation for Reduction of Public Debt'.

SEC. 3. PUBLIC DEBT REDUCTION TRUST FUND.

`SEC. 9512. PUBLIC DEBT REDUCTION TRUST FUND.

SEC. 4. TAXPAYER-GENERATED SEQUESTRATION OF FEDERAL SPENDING TO REDUCE THE PUBLIC DEBT.

`SEC. 253A. SEQUESTRATION TO REDUCE THE PUBLIC DEBT.

`October 1


Department of Treasury report to Congress estimating amount of income tax designated pursuant to section 6097 of the Internal Revenue Code of 1986.';

END