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CFA Urges House to Support Debt Buy-Down Act of 2010
Friday, June 18, 2010 9:30 AM
by Julie Borowski CFA has released a letter urging members of the House to co-sponsor and otherwise support the Debt Buy-Down Act of 2010. This bill would require that tax returns include a line where taxpayers can designate up to ten percent of their tax liability to help pay down the national debt. The bill then would protect these savings by requiring equivalent rescissions to be made elsewhere. This ensures tax dollars are not simply being used to indulge the overspending habits of Congress. Overwhelmingly, people are worried about the growing national debt while Congress continues to recklessly spend money without regard to the taxpayers. Previously, similar legislation introduced in Congress gained both Republican and Democrat co-sponsors. From our letter:
Allowing taxpayer direction of revenue usage is a good first step, but this bill gets to the heart of the national fiscal problem by requiring rescissions to be made that reflect the amount of debt paid down by taxpayers.
This ensures that action taken by taxpayers to reduce the debt is taken seriously and made permanent. If Congress fails to terminate equivalent spending amounts, this bill would enact across-the-board cuts in spending to protect the savings from the taxpayer-directed rescissions.
Click here to read our entire letter.
Reader Comments:
What makes you think this 10% will not end up in one of Obama's slush funds to pay off the unions?
Hugh / Omaha
Surely this is a joke? No? Started by the liberals to line their pockets even more? We've already seen what the federal government has done with tax payer money. Literally all of it has been legalized robbery. Anyone who believes donated money would be used to buy down the debt I would like to let you to know I have a bridge for sale called a bridge too far.
court Jester / Your Location
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