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United States · Bill · HR

H.R. 5773 (102nd)

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.

referredUnited States· United States Congress· EN

Introduced

4 August 1992

Last action

11 August 1992 · Referred

Status

Referred to the Subcommittee on Legislation and National Security.

Sponsors

Rep. Walker, Robert S. [R-PA-16], Sen. Allen, George [R-VA], Rep. Barton, Joe [R-TX-6], Rep. Bliley, Tom [R-VA-7], Rep. Campbell, Tom [R-CA-15], Rep. Coble, Howard [R-NC-6], Rep. Fawell, Harris W. [R-IL-13], Rep. Goss, Porter J. [R-FL-14], Rep. Lewis, Thomas F. [R-FL-12], Rep. Packard, Ron [R-CA-48], Rep. Rhodes, John J., III [R-AZ-1], Rep. Ritter, Don [R-PA-15], Rep. Rohrabacher, Dana [R-CA-48], Rep. Sensenbrenner, F. James, Jr. [R-WI-5], Rep. Smith, Lamar [R-TX-21], Rep. Zimmer, Dick [R-NJ-12], Rep. Dornan, Robert K. [R-CA-46], Rep. Ewing, Thomas W. [R-IL-15], Rep. Ballenger, Cass [R-NC-10], Rep. Ireland, Andrew P. [R-FL-10], Rep. Camp, Dave [R-MI-4], Rep. Hancock, Mel [R-MO-7], Sen. Santorum, Rick [R-PA], Rep. Oxley, Michael G. [R-OH-4], Rep. Ravenel, Arthur, Jr. [R-SC-1], Rep. Gekas, George W. [R-PA-17], Rep. Doolittle, John T. [R-CA-4], Rep. Kolbe, Jim [R-AZ-8], Rep. Nussle, Jim [R-IA-2]

Subjects

Taxation, Budget

Source updated

4 February 2025

Taxation · Budget

Official sourceDownload fileView documentsShare

Summary

Amends the Internal Revenue Code to allow all individuals with adjusted income tax liability to designate on their tax returns that a portion of such liability (not to exceed ten percent) be used to reduce the public debt. Establishes a Public Debt Reduction Trust Fund for the deposit of designated amounts. Makes amounts in such Trust Fund available only to pay at maturity, or to redeem or buy before maturity, any obligation of the Federal Government included in the public debt. Prohibits the reissuance of any obligation which is paid, redeemed, or bought with amounts from the Trust Fund. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for the sequestration of amounts designated to the Trust Fund. Specifies accounts exempt from such sequestration. Includes aggregated amounts designated to the Trust Fund and amounts sequestered to reduce the public debt in sequestration preview and final reports.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 4 August 1992

    Introduced

    Referred to the House Committee on Government Operations.

    Source: IntroReferral

  2. 4 August 1992

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 4 August 1992

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 11 August 1992

    Referred

    Referred to the Subcommittee on Legislation and National Security.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

2 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN

    ViewDownloadOpen at official source

  • Introduced in House

    summary · EN · 4 August 1992

    Open at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

Related records

Sources

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