AUTHOR: Haley Parrott, Kentucky
TITLE: A Proposal to enact all legislation containing a federal tax or budget reformation to be implemented within one year of passage.
MAJOR AREAS TO BE AFFECTED: Internal Revenue Service, United State’s Office of Management and Budget, Federal funded programs, US tax paying citizens.
SUMMARY: “As of February 2010, over $3.24 trillion in federal debt has been designated to be paid for through taxes starting in 2014. On February 13, 2010, President Obama placed an executive order initiating Paygo. Paygo states that Congress must create a tax, budget cut, or other means of financial support for any legislation requiring finance. … Under Paygo, a piece of legislation can be enacted and withdraw finance from the federal budget while the tax to pay for the law does not go into effect until several years later. This proposal would prevent generational theft by forcing all legislation to be paid for upon enactment of the law.”