H.R. 2411 (July 6, 2011), the Reduce America’s Debt Now Act of 2011, wants “To provide for an employee election on Form W-4 to have amounts deducted and withheld from wages to be used to reduce the public debt.”
There is a word for this kind of thing: Chutzpah.
What is even more galling is the requirement that the generous patriot who donates a part (or all!) of her income to reduce the Federal deficit will still need to pay taxes on the money she donated to the Federal government!
The Secretary shall include on such certificates a reasonably conspicuous statement that any amounts deducted and withheld from wages under subsection (a) are not deductible as charitable contributions for Federal income tax purposes.
Simon Black offers the following assessment of this legislation:
There are so many things utterly wrong with his piece of legislation, it’s hard to know where to begin other than by saying that such intellectual and philosophical perversion is only capable of springing from unprincipled sociopaths whose sole capability is the destruction of value.
I cross-posted this article to All Tied Up and Nowhere to Go