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HR 2411

HR 2411

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Published by Joe Wallin

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Categories:Business/Law
Published by: Joe Wallin on Jul 09, 2011
Copyright:Attribution Non-commercial

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07/09/2011

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I
112
TH
CONGRESS1
ST
S
ESSION
 
H. R. 2411
To provide for an employee election on Form W–4 to have amounts deductedand withheld from wages to be used to reduce the public debt.
IN THE HOUSE OF REPRESENTATIVES
J
ULY
6, 2011Mr. C
RAWFORD
(for himself, Mr. T
IBERI
, Mr. F
INCHER
, Mr. L
 ANDRY
, Mr.D
ENHAM
, Mr. D
OLD
, Mr. F
LORES
, Mr. G
RIFFIN
of Arkansas, Mr. A 
US
-
TIN
S
COTT
of Georgia, Mr. H
UIZENGA 
of Michigan, Mr. P
 ALAZZO
, andMr. G
UINTA 
) introduced the following bill; which was referred to theCommittee on Ways and Means
A BILL
To provide for an employee election on Form W–4 to haveamounts deducted and withheld from wages to be usedto reduce the public debt.
 Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Reduce America’s Debt
4
Now Act of 2011’’.
5
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HR 2411 IH
SEC. 2. VOLUNTARY WITHHOLDING FROM PAYROLL FOR
1
REDUCTION OF THE PUBLIC DEBT.
2
(a) I
N
G
ENERAL
.—An employee may elect for an em-
3
ployer to deduct and withhold upon the payment of wages
4
 by such employer amounts to be used to reduce the public
5
debt.
6
(b) R
EQUIREMENT OF
 W
ITHHOLDING
.—Every em-
7
ployer making payment of wages shall deduct and with-
8
hold upon such wages any amounts so elected, and shall
9
pay such amounts over to the Secretary of the Treasury 
10
at such times and in such manner as the Secretary shall
11
 by regulation prescribe.
12
(c) T
RANSFERS TO
 A 
CCOUNT
T
O
R
EDUCE
P
UBLIC
 
13
D
EBT
.—The Secretary shall, not less frequently than
14
monthly, transfer to the special account established by sec-
15
tion 3113(d) of title 31, United States Code, amounts
16
equal to the amounts paid over under subsection (b).
17
(d) D
EFINITIONS AND
S
PECIAL
R
ULES
.—For pur-
18
poses of this section—
19
(1) W
 AGES
,
EMPLOYEE
,
ETC
.—The terms
20
‘‘wages’’, ‘‘employee’’, and ‘‘employer’’ shall have the
21
respective meanings given such terms under section
22
3401(a) of the Internal Revenue Code of 1986.
23
(2) A 
MOUNTS NOT DEDUCTIBLE
.—Notwith-
24
standing section 170(c)(1) of such Code, no deduc-
25
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HR 2411 IH
tion shall be allowed for any amount deducted and
1
 withheld from wages under subsection (a).
2
(3) E
LECTION TO BE INCLUDED ON WITH
-
3
HOLDING EXEMPTION CERTIFICATE
.—Not later De-
4
cember 31, 2011, the Secretary of the Treasury 
5
shall modify withholding exemption certificates (de-
6
scribed in section 3402(f)(2) of such Code) to in-
7
clude the election under subsection (a). The Sec-
8
retary shall include on such certificates a reasonably 
9
conspicuous statement that any amounts deducted
10
and withheld from wages under subsection (a) are
11
not deductible as charitable contributions for Fed-
12
eral income tax purposes.
13
(e) E
FFECTIVE
D
 ATE
.—This section shall apply to
14
remuneration paid after December 31, 2011.
15
SEC. 3. EXCLUSION OF PUBLIC DEBT WITHHOLDING FROM
16
WAGES.
17
(a) S
OCIAL
S
ECURITY
T
 AXES
.—
18
(1) A 
MENDMENT TO 1986 CODE
.—Subsection
19
(a) of section 3121 of the Internal Revenue Code of 
20
1986 is amended by striking ‘‘or’’ at the end of 
21
paragraph (22), by striking the period at the end of 
22
paragraph (23) and inserting ‘‘; or’’, and by insert-
23
ing after paragraph (23) the following new para-
24
graph:
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