Summary: H.R.3998 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for H.R.3998. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (08/02/1996)

Citizen Debt Reduction Contribution Act - Provides that individuals otherwise entitled to receive payments from the Federal Government may specify that a portion of those payments be used for deficit reduction.

Expresses the sense of the Congress that any budget savings resulting from this Act should be used solely to reduce net Government spending.

Amends the Internal Revenue Code to allow taxpayers to designate a specified portion (not less than $1) of their income tax overpayments to be used to reduce U.S. public debt.

Amends the Social Security Act to direct the Commissioner of Social Security to establish a program to allow recipient donation, by way of designation for transfer to the general fund of the Treasury, of certain social security benefit payments to reduce the public debt.

Amends Federal law relating to military personnel to provide for a program of allowing members or former members of the armed forces to donate designated portions of their military retirement benefits to reduce the public debt.

Amends Federal law relating to veterans to provide for a program of allowing veterans to donate designated portions of their veterans' disability compensation to reduce the public debt.

Provides that savings resulting from the enactment of this Act shall not be considered for purposes of estimates made for this Act under specified provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings).