HR 2411: “Reduce America’s Debt Now Act of 2011.”

[Chris_]

HR 2411: “Reduce America’s Debt Now Act of 2011.”

You can imagine that, if passed, the bill will result in a host of new IRS regulations, complete with a battery of penalties for employers who don’t fill out the paperwork properly, submit filings on time, or make some administrative mistake.

Think about it: if a small business owner has one single employee who is dumb enough to think that it’s his patriotic duty to pay down the debt and decides to contribute $1/month, that owner will have the responsibility for all kinds of new forms and filings, plus submit to new ‘debt reduction audits.’

But don’t worry, it gets even better.

HR 2411 stipulates that any contribution made to the Treasury in order to pay down the federal debt IS NOT TAX DEDUCTIBLE.

Imagine this scenario: You make $100,000/year. In a fit of complete insanity, you decide that you want to withhold your entire annual salary to pay down the debt. Hey, you can always move in with mom for the next year, right?

Well guess what– Uncle Sam will gladly take your money… and then STILL expect you to pay taxes on the $100,000 that you earned, so you’d have to come out of pocket with an additional $40,000 or so.

Sovreign Man

[DumbAss Tanker]

CT stuff.  You've been able to give extra on the national debt for years if you wanted to, but it's like giving a junkie more drugs so few would bother.  Seems like all this would do is let people contribute by payroll deduction instead of telling them to just keep i when you send in your the annual return...and probably with just as few takers as the lump sum donations get.

[NHSparky]

My congresscritter is one of the co-sponsors.  When I called his office and asked WTF, it was basically explained to me as an "easier" way of doing what people can do already.

Bottom line, it was a way for all those limo liberals to put their money where their mouth is when they say they'd be willing to pay more in taxes.  Frankly, when I looked at it from that angle, it's sheer genius.