To amend the Internal Revenue Code of 1986 to provide for a designation of tax overpayments to reduce the public debt, and for other purposes.
Debt Elimination By Tax-Deductible Contribution Act of 2011 - Amends the Internal Revenue Code to allow taxpayers to designate a specified portion (not less than $1) of their income tax liability for deposit in the general fund of the Treasury to reduce the public debt. Allows any such gift to the United States for reduction of the public debt to be treated as a tax deductible charitable contribution.
Referred to the House Committee on Ways and Means.
Received in the Senate.
Read twice and referred to the Committee on Finance.
Motion to proceed to consideration of measure, under the order of 12/8/2011, not having achieved the required 60 votes in the affirmative, was rejected in Senate by Yea-Nay Vote. 22 - 76. Record Vote Number: 225. (consideration: CR S8445)
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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