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[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 490 Introduced in House (IH)]

106th CONGRESS
  2d Session
H. RES. 490

To ensure that the fiscal year 2000 on-budget surplus is used to reduce 
    publicly-held debt and provide tax relief to American taxpayers.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              May 4, 2000

Mr. Weldon of Florida (for himself, Mr. Armey, Mr. DeLay, Mr. Largent, 
Mr. Coburn, and Mr. Stearns) submitted the following resolution; which 
            was referred to the Committee on Ways and Means

_______________________________________________________________________

                               RESOLUTION

 
To ensure that the fiscal year 2000 on-budget surplus is used to reduce 
    publicly-held debt and provide tax relief to American taxpayers.

    Resolved, 

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Save Our Surplus for Debt Reduction 
and Tax Rebate Resolution of 2000''.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds that--
            (1) the Office of Management and Budget estimated in the 
        President's fiscal year 2001 budget submission that the 
        Government will have a $19,000,000,000 nonsocial security 
        surplus (on-budget surplus) in fiscal year 2000;
            (2) it is expected that in the summer of 2000, the Office 
        of Management and Budget will estimate an even larger budget 
        surplus for fiscal year 2000;
            (3) Government spending in fiscal year 2000 will increase 
        faster than the rate of inflation for a total of over 
        $1,750,000,000,000;
            (4) the public debt has been paid down by $51,000,000,000 
        in fiscal year 1998, $88,000,000,000 in fiscal year 1999, and 
        current estimates are that $163,000,000,000 will be paid down 
        in fiscal year 2000;
            (5) the public debt has declined significantly as a 
        percentage of gross domestic product since 1995, by 19 percent, 
        declining from 49.2 percent of gross domestic product to 39.9 
        percent of gross domestic product;
            (6) Government revenues in fiscal year 2000 will be 20.3 
        percent of the gross domestic production, which is the highest 
        level since World War II;
            (7) according to President Clinton's fiscal year 2001 
        budget, individual income taxes have doubled from 1993 to the 
        present;
            (8) the tax burden on Americans today is at an all-time 
        post World War II high;
            (9) for the average household, taxes now exceed the costs 
        of food, clothing, shelter, and transportation combined; and
            (10) the on-budget surplus represents a tax overpayment by 
        the American people and belongs in the hands of those who have 
        been overcharged.
    (b) Purpose.--It is the purpose of this Act to ensure that the 
fiscal year 2000 on-budget surplus is used to reduce publicly-held debt 
and provide a tax rebate to Americans who have been overcharged.

SEC. 3. USE OF FY2000 ON-BUDGET SURPLUS.

    It is the sense of the House of Representatives that--
            (1) if the Office of Management and Budget, in its 
        supplemental summary of the budget for fiscal year 2001 
        pursuant to section 1106(a) of title 31, United States Code, 
        projects an increase in the on-budget surplus from the 
        projection for that surplus set forth in the President's budget 
        submission for such fiscal year that--
                    (A) is $16,000,000,000 or less for fiscal year 
                2000, then such amount should be dedicated to reducing 
                publicly-held debt;
                    (B) exceeds $16,000,000,000 for fiscal year 2000, 
                then $16,000,000,000 should be returned as a tax rebate 
                distributed equally to every American household that 
                paid Federal income taxes for taxable year 1998 and any 
                increase in excess of that amount should be dedicated 
                to reducing publicly-held debt;
            (2) any individual receiving a tax rebate under this 
        proposal who desires to do so may return that check in order to 
        reduce publicly-held debt; and
            (3) the Secretary of the Treasury should clearly indicate 
        to taxpayers receiving a rebate that they may return the rebate 
        check if they so desire and that every penny will be dedicate 
        to reducing publicly-held debt.
                                 <all>
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