Taxpayer Debt Buy-Down Act

Summary

Taxpayer Debt Buy-Down Act - Amends the Internal Revenue Code to allow every individual 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.

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Timeline

1. 25 February 1993

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 25 February 1993

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 25 February 1993 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 February 1993

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 February 1993

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in Senate

  summary · EN · 25 February 1993

  Open at official source

  Leesvertaling

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

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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

Sponsors

• Sen. Smith, Bob [R-NH] · R · Sponsor
• Sen. Kempthorne, Dirk [R-ID] · R · Sponsor
• Sen. McCain, John [R-AZ] · R · Sponsor
• Sen. Lott, Trent [R-MS] · R · Sponsor
• Sen. Brown, Hank [R-CO] · R · Sponsor
• Sen. Burns, Conrad R. [R-MT] · R · Sponsor
• Sen. Gregg, Judd [R-NH] · R · Cosponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Cosponsor
• Sen. Helms, Jesse [R-NC] · R · Cosponsor
• Sen. Grassley, Chuck [R-IA] · R · Cosponsor
• Sen. Gramm, Phil [R-TX] · R · Cosponsor
• Sen. Craig, Larry E. [R-ID] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Taxpayer Debt Buy-Down Act