Legislation
The Deficit Reduction Check-Off Act (H.R. 4308)
Washington,
July 8, 2009
Congressman Posey introduced the Deficit Reduction Check-off Act (H.R. 4308), legislation to add a new “Deficit Reduction Check-Off” line to IRS tax forms. Individuals would be given the opportunity to direct up to $10 of their tax rebate/refund for deficit reduction ($20 for joint filers). While the individual’s tax return would only be reduced by a maximum of $10, Posey’s bill directs the Office of Management & Budget (OMB) to cut federal spending by $100 ($200 for a joint return). A $10 check-off translates into $100 in direct deficit reduction.
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