Well, there may be some fools out there that want to "volunteer", but I won't be. They won't even be giving you a tax break if you did give them some of your cash. I'm sure there will be some sheeple that will fall for this...if it even passes. Look for other ways they will want and get your money. After all, it is our fault that they are spending our money. Also, how much will this cost the employers? They will be responsible for withholding the money and sending it in to the Feds. I'm sure IRS will have to write some new rules as well into the 13,000 pages of current rules. We need to watch and make sure they don't change voluntary to mandatory. Oh wait, I'm sure they wouldn't even think of doing that!
H.R.2411 -- Reduce America's Debt Now Act of 2011 (Introduced in House - IH) 112th CONGRESS
1st SessionTo provide for an employee election on Form W-4 to have amounts deducted and withheld from wages to be used to reduce the public debt.
July 6, 2011
Mr. CRAWFORD (for himself, Mr. TIBERI, Mr. FINCHER, Mr. LANDRY, Mr. DENHAM, Mr. DOLD, Mr. FLORES, Mr. GRIFFIN of Arkansas, Mr. AUSTIN SCOTT of Georgia, Mr. HUIZENGA of Michigan, Mr. PALAZZO, and Mr. GUINTA) introduced the following bill; which was referred to the Committee on Ways and Means
To provide for an employee election on Form W-4 to have amounts deducted and withheld from wages to be used to reduce the public debt.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Reduce America's Debt Now Act of 2011'.
SEC. 2. VOLUNTARY WITHHOLDING FROM PAYROLL FOR REDUCTION OF THE PUBLIC DEBT.
(a) In General- An employee may elect for an employer to deduct and withhold upon the payment of wages by such employer amounts to be used to reduce the public debt.
(b) Requirement of Withholding- Every employer making payment of wages shall deduct and withhold upon such wages any amounts so elected, and shall pay such amounts over to the Secretary of the Treasury at such times and in such manner as the Secretary shall by regulation prescribe.
(c) Transfers to Account To Reduce Public Debt- The Secretary shall, not less frequently than monthly, transfer to the special account established by section 3113(d) of title 31, United States Code, amounts equal to the amounts paid over under subsection (b).
(d) Definitions and Special Rules- For purposes of this section--
(1) WAGES, EMPLOYEE, ETC- The terms `wages', `employee', and `employer' shall have the respective meanings given such terms under section 3401(a) of the Internal Revenue Code of 1986.
(2) AMOUNTS NOT DEDUCTIBLE- Notwithstanding section 170(c)(1) of such Code, no deduction shall be allowed for any amount deducted and withheld from wages under subsection (a).
(3) ELECTION TO BE INCLUDED ON WITHHOLDING EXEMPTION CERTIFICATE- Not later December 31, 2011, the Secretary of the Treasury shall modify withholding exemption certificates (described in section 3402(f)(2) of such Code) to include the election under subsection (a). The Secretary shall include on such certificates a reasonably conspicuous statement that any amounts deducted and withheld from wages under subsection (a) are not deductible as charitable contributions for Federal income tax purposes.
(e) Effective Date- This section shall apply to remuneration paid after December 31, 2011.
SEC. 3. EXCLUSION OF PUBLIC DEBT WITHHOLDING FROM WAGES.
(a) Social Security Taxes-
(1) AMENDMENT TO 1986 CODE- Subsection (a) of section 3121 of the Internal Revenue Code of 1986 is amended by striking `or' at the end of paragraph (22), by striking the period at the end of paragraph (23) and inserting `; or', and by inserting after paragraph (23) the following new paragraph:
`(24) any amount deducted and withheld pursuant to an election under section 2 of the Reduce America's Debt Now Act of 2011.'.
(2) AMENDMENT TO SOCIAL SECURITY ACT- Section 209(a) of the Social Security Act is amended by striking `or' at the end of paragraph (19), by striking the period at the end of paragraph (20) and inserting `; or', and by inserting after paragraph (20) the following new paragraph:
`(21) Any amount deducted and withheld pursuant to an election under section 2 of the Reduce America's Debt Now Act of 2011.'.
(b) Unemployment Taxes- Subsection (b) of section 3306 of the Internal Revenue Code of 1986 is amended by striking `or' at the end of paragraph (19), by striking the period at the end of paragraph (20) and inserting `; or', and by inserting after paragraph (20) the following new paragraph:
`(21) any amount deducted and withheld pursuant to an election under section 2 of the Reduce America's Debt Now Act of 2011.'.
(c) Wage Withholding- Subsection (a) of section 3401 of such Code is amended by striking `or' at the end of paragraph (22), by striking the period at the end of paragraph (23) and inserting `; or', and by inserting after paragraph (23) the following new paragraph:
`(24) any amount deducted and withheld pursuant to an election under section 2 of the Reduce America's Debt Now Act of 2011.'.
(d) Effective Date- The amendments made by this section shall apply to remuneration made after December 31, 2011.
A BILL
IN THE HOUSE OF REPRESENTATIVES
H. R. 2411
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