H.R.4308 - Deficit Reduction Check-Off Act111th Congress (2009-2010)
|Sponsor:||Rep. Posey, Bill [R-FL-15] (Introduced 12/15/2009)|
|Committees:||House - Ways and Means; Budget|
|Latest Action:||12/15/2009 Referred to House Budget (All Actions)|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.4308 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (12/15/2009)
Deficit Reduction Check-Off Act - Amends the Internal Revenue Code to allow individual taxpayers to designate on their tax returns an amount (initially between $1 and $10, with annual increases of $1 for each taxable year after 2011) for reducing the federal deficit.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require a sequestration to reduce the federal deficit within 15 days after Congress adjourns to end a session by directing the Office of Management and Budget (OMB) to apply an across-the-board reduction in federal spending equal to 10 times the amount raised by the voluntary tax checkoff under this Act. Exempts from such spending reduction social security and railroad retirement benefits, Medicare benefits, judicial salaries, and veterans benefits.