Summary

H.R. 359: To reduce Federal spending and the deficit by terminating taxpayer financing of presidential election campaigns and party conventions. Read More

Status

This bill was introduced in a previous session of Congress and was passed by the House on Jan 26, 2011 but was never passed by the Senate.

Bill Text

A BILL

To reduce Federal spending and the deficit by terminating taxpayer financing of presidential election campaigns and party conventions.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. TERMINATION OF TAXPAYER FINANCING OF PRESIDENTIAL ELECTION CAMPAIGNS.

(a) Termination of Designation of Income Tax Payments.--Section 6096 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: ``(d) Termination.--This section shall not apply to taxable years beginning after December 31, 2009.''. (b) Termination of Fund and Account.-- (1) Termination of presidential election campaign fund.-- (A) In general.--Chapter 95 of subtitle H of such Code is amended by adding at the end the following new section:

``SEC. 9014. TERMINATION.

``The provisions of this chapter shall not apply with respect to any presidential election (or any presidential nominating convention) after the date of the enactment of this section, or to any candidate in such an election.''. (B) Transfer of excess funds to general fund.-- Section 9006 of such Code is amended by adding at the end the following new subsection: ``(d) Transfer of Funds Remaining After Termination.--The Secretary shall transfer all amounts in the fund after the date of the enactment of this section to the general fund of the Treasury.''. (2) Termination of account.--Chapter 96 of subtitle H of such Code is amended by adding at the end the following new section:

``SEC. 9043. TERMINATION.

``The provisions of this chapter shall not apply to...

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The Administration strongly opposes House passage of H.R. 359 because it is critical that the Nation’s Presidential election public financing system be fixed rather than dismantled. The Presidential election public financing system was enacted in the aftermath of the Watergate scandal to free the Nation’s elections from the influence of corporations and other wealthy special interests. Rather than candidates having to rely on raising large sums of private money in order to run, the system provides qualifying presidential candidates with the option of accepting matching funds in the primary and a public grant in the general election. It has done so at minimal cost to taxpayers, who fund it by voluntarily choosing to direct $3 of their Federal taxes to this beneficial system. For many years, the system worked well and attracted wide participation. In time, however, it became clear that a system introduced in the 1970s was in need of modernization and repair. Beginning in the 2000 Presidential campaign, candidates began to opt out. Since that time, promising proposals for the strengthening of the system have been made.

The Administration 4 years ago

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Bill Summary

H.R. 359: To reduce Federal spending and the deficit by terminating taxpayer financing of presidential election campaigns and party conventions.

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