Bill > S500

This bill, the Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2023, aims to reduce federal spending and the deficit by terminating taxpayer financing of presidential election campaigns. The key provisions of the bill include: 1. Terminating the ability of taxpayers to designate a portion of their income tax payments to the Presidential Election Campaign Fund, effective for taxable years beginning after December 31, 2022. 2. Terminating the Presidential Election Campaign Fund and the corresponding account used to finance presidential campaigns, with any remaining funds being transferred to the general fund of the Treasury to be used for reducing the federal deficit. 3. Eliminating the provisions in the Internal Revenue Code that allow for the taxpayer-funded financing of presidential candidates and campaigns, starting with the next presidential election after the date of the bill's enactment. The goal of this legislation is to end the use of taxpayer money to finance presidential campaigns and elections, and instead redirect those funds towards reducing the federal deficit.