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- S.3496
S.3496: Debt Buy-Down Act
About This Bill
- This bill was introduced in the 111th Congress
- This bill is primarily about taxation
- Introduced June 16, 2010
- Latest Major Action June 16, 2010
- See the four similar bills introduced in other congresses.
Bill Sponsor
Bill 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...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
|
Read twice and referred to the Committee on Finance.
|
|
| June 16, 2010 |
Introduced in the Senate by John McCain (R-Ariz.) |