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S. 1676 "Buffett Rule Act of 2011"

S. 1676 "Buffett Rule Act of 2011"

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Published by Joe Wallin
A bill to amend the Internal Revenue Code of 1986 to provide for taxpayers making donations with their returns of income tax to the Federal Government to pay down the public debt.
A bill to amend the Internal Revenue Code of 1986 to provide for taxpayers making donations with their returns of income tax to the Federal Government to pay down the public debt.

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Categories:Types, Business/Law
Published by: Joe Wallin on Oct 13, 2011
Copyright:Attribution Non-commercial

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10/13/2011

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II
112
TH
CONGRESS1
ST
S
ESSION
 
S. 1676
To amend the Internal Revenue Code of 1986 to provide for taxpayersmaking donations with their returns of income tax to the Federal Govern-ment to pay down the public debt.
IN THE SENATE OF THE UNITED STATES
O
CTOBER
6, 2011Mr. T
HUNE
introduced the following bill; which was read twice and referredto the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to providefor taxpayers making donations with their returns of income tax to the Federal Government to pay downthe 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 ‘‘Buffett Rule Act of 
4
2011’’.
5
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2
S 1676 IS
SEC. 2. DONATION TO PAY DOWN NATIONAL DEBT.
1
(a) I
N
G
ENERAL
.—Subchapter A of chapter 61 of the
2
Internal Revenue Code of 1986 is amended by adding at
3
the end the following new part:
4
‘‘PART IX—DONATIONS TO PAY DOWN NATIONAL
5
DEBT
6
‘‘Sec.6097.Donation to pay down national debt.
‘‘SEC. 6097. DONATION TO PAY DOWN NATIONAL DEBT.
7
‘‘(a) G
ENERAL
R
ULE
.—Every taxpayer who makes a
8
return of the tax imposed by subtitle A for any taxable
9
 year may donate an amount (not less than $1), in addition
10
to any payment of tax for such taxable year, which shall
11
 be deposited in the general fund of the Treasury.
12
‘‘(b) M
 ANNER AND
T
IME OF
D
ESIGNATION
.—Any do-
13
nation under subsection (a) for any taxable year—
14
‘‘(1) shall be made at the time of filing the re-
15
turn of the tax imposed by subtitle A for such tax-
16
able year and in such manner as the Secretary may 
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 by regulation prescribe, except that—
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‘‘(A) the designation for such donation
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shall be either on the first page of the return
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or on the page bearing the taxpayer’s signature,
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and
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‘‘(B) the designation shall be by a box 
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added to the return, and the text beside the box 
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shall provide:
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