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, 2011.''. (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, to be used only for reducing the deficit.''. (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.