Original Status

AAB-05-002: 2020

In the Amending Congress

February 25, 2020

Authors:

Mark Shubert

Sponsors:

Debt-Tax Incentive

Preamble:

This bill will incentivize employers to pay off the debts of their employees. This will remove debts from the working class, give tax incentives to businesses with a write off, employees with debt will have more to negotiate with employers, and the government will receive revenue.

Therefore:

Section 1: All medical, educational, and housing debts will be purchased by the federal government.

Section 2: An employer who pays off their employee’s debts from the government will be given a tax deduction for the amount of the debt paid for the fiscal year which the payment was made.

Section 3: This tax incentive is only applicable for businesses to pay off their own employee’s debts; no outside business can pay for the debts of another employer and receive the deductions.

Section 4: Employers can only pay off the debts of their employees with permission from the employee themself and the employee must be present for the transfer or receive a receipt and notice of the payment.