Thursday
Jun172010
Arizona Duo Introduces Bill Aimed At Decreasing America's Debt
Thursday, June 17, 2010 at 2:05PM
By Brandon Kosters
Talk Radio News Service
On Thursday, Senator John McCain (R-Arizona) and Rep. Jeff Flake (R-Arizona) introduced the Debt-Buy Down Act, a bill that will allow taxpayers to put 10% of their federal income tax liability toward reducing the national debt.
The bill would have the IRS include a checkbox on the annual tax returns taxpayers receive. "It then will require that the Congress cut a commensurate amount of spending in the following year," said Flake. "If Congress fails to do that, then there will be a sequester of funds."
McCain has backed some of the previous iterations of this bill that have been proposed since 1992, and he anticipates that taxpayers will embrace it, given the nation's record-breaking debt level of over $13 trillion, not to mention growing concerns among Americans over federal spending.
'We've finally found an earmark that we can both support," said Flake, "allowing individuals to earmark a portion of their taxes to pay off the debt."
Talk Radio News Service
On Thursday, Senator John McCain (R-Arizona) and Rep. Jeff Flake (R-Arizona) introduced the Debt-Buy Down Act, a bill that will allow taxpayers to put 10% of their federal income tax liability toward reducing the national debt.
The bill would have the IRS include a checkbox on the annual tax returns taxpayers receive. "It then will require that the Congress cut a commensurate amount of spending in the following year," said Flake. "If Congress fails to do that, then there will be a sequester of funds."
McCain has backed some of the previous iterations of this bill that have been proposed since 1992, and he anticipates that taxpayers will embrace it, given the nation's record-breaking debt level of over $13 trillion, not to mention growing concerns among Americans over federal spending.
'We've finally found an earmark that we can both support," said Flake, "allowing individuals to earmark a portion of their taxes to pay off the debt."
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