Public Debt Reduction Act of 1982

Summary

Public Debt Reduction Act of 1982 - Amends the Internal Revenue Code to impose a manufacturers excise tax on the sale by the manufacturer, producer, or importer of any tangible personal property. Sets the rate of such tax at five percent of the selling price of the property. Exempts noncommercial sales and sales by farmers or fishermen from such tax. Terminates such tax after the earlier of: (1) January 1, 1993; or (2) the last day of the first calendar quarter after 1982 as of which no public debt obligation is held by any person other than the United States (or any agency or instrumentality thereof) or any Federal Reserve bank. Establishes in the Treasury a trust fund to be known as the "Public Debt Retirement Trust Fund" (Trust Fund). Appropriates to such Trust Fund amounts equivalent to the taxes imposed by this Act which are received in the Treasury. Requires the transfer of such amounts at least monthly. Provides that amounts in such Trust Fund may be used only for the payment at maturity, or the redemption or purchase before maturity, of any obligations included in the public debt. Requires that all obligations paid, redeemed, or purchased with amounts from such Trust Fund shall be cancelled and retired and shall not be reissued.

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1 official file

• Introduced in House

  summary · EN · 29 April 1982

  Open at official source

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