To amend the Internal Revenue Code of 1986 to repeal the income tax check-off which provides funding for Presidential election campaigns and to provide a check-off to reduce the public debt.

Amends the Internal Revenue Code to terminate the authority for individuals to designate income tax payments to the Presidential Election Campaign Fund.

Allows individual taxpayers to designate a portion of any tax overpayment (not less than one dollar) and to make cash contributions with their tax returns to reduce the public debt.

Allows individuals who do not itemize deductions a deduction for contributions to reduce the public debt.