Arizona senator’s bill would allow taxpayers to send taxes to battle deficit
A bill introduced by Sen. Jeff Flake (R-Ariz.) on Thursday would allow taxpayers to earmark a portion of their taxes to reduce the federal deficit.
PHOENIX — A bill introduced by Sen. Jeff Flake (R-Ariz.) on Thursday would allow taxpayers to earmark a portion of their taxes to reduce the federal deficit.
“With the national debt hurtling toward an unprecedented $20 trillion, it’s time taxpayers had real power to reign in Washington’s big spenders,” Flake said when introducing the bill. “At any rate, I hope this commonsense solution makes like the national debt and grows a lot of interest.”
Taxpayers would make the selection to push 10 percent of their taxes toward the deficit on their annual income taxes.
The bill, called the Debt-Buy Down Act, would also force Congress to make cuts to match the amount contributed by taxpayers to ensure the money goes to reducing the deficit.
“In 2014, Americans paid over $1.37 trillion in individual income taxes,” Flake said. “If every one of those individuals contributed 10 percent of their tax liability, Congress would be required to cut $137 billion in spending. While $137 billion does not solve the $20 trillion debt problem, it is certainly a good place to start.”
Should Congress fail to approve cuts, the Debt-Buy Down Act would trigger budget reductions across the board. However, some areas — such as Social Security benefits, benefits for those in uniform and net interest payments — would be spared.
Flake said the $20 trillion debt would be enough money to buy tickets for every seat at Chase Field for the next 22 million Arizona Diamondbacks games or purchase 20 billion tickets to see “Hamilton.”
Flake introduced the same bill seven years ago, when the deficit was nearly $13 trillion.
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Comments
32 Comments
We could do a national lottery every week and award $500 mill USD to the winner each and every week of the year, 52 weeks total ... And, STILL not equal the amount of interest the Chinese extract from America each month. We basically fund their military for them with our interest payments on that portion of our $20 Trillion USD debt portfolio the government of Communist China currently holds.
This is laughable...The Govt wants people who already are over taxed to contribute even more of their hard earned money to the trust of the people who have gotten us in the deficit and debt mess we're already in? That's like someone who is robbing you using up all his bullets and then asking you for some more so he can keep robbing you...I don't want to be just someone who complains and never offers a solution so here it is Flake...take this back to the rest of the people in DC...This is brilliant...wait for it...it's gonna shock you...
Try this...You and the the rest of the Republicans and the Democrats in Congress...actually stop acting like a bunch of children who suffer from a serious mental deficiency and come up with some real actions that you can work together on to find common ground that is good for the American people. Perhaps focus on cutting spending on just the ridiculous fraudulent waste that is attached to each bill in order to garner votes from the other side...or your own side even...Maybe stop wasting time pointing fingers...calling each other names...and GET SOME DAMNED THINGS DONE!...and STOP WASTING THE RECORD AMOUNT OF TAX REVENUE YOU'RE COLLECTING NOW!!!
A lame brain idea by a lame brain R.H.I.N.O. Quit spending money we don't have. Take a pay cut Flake. Cut out your endless days off. Washington is indeed a swamp and we are governed by power & money minded idiots.