Sponsors
The bill converts remaining public campaign funds into a one-time fiscal gain and small administrative simplification for taxpayers, at the cost of removing a public financing option and likely increasing reliance on private money in presidential campaigns.
Taxpayers and the federal budget: transfers remaining Presidential Election Campaign Fund balances to the Treasury, producing a one-time reduction in the federal deficit.
Taxpayers and tax filers: eliminates the presidential campaign checkoff and associated fund administration, simplifying tax filing and reducing ongoing small administrative expenses.
Candidates and voters: eliminates the public campaign financing option (the Presidential Election Campaign Fund and checkoff), removing a clean-money pathway some candidates relied on.
Candidates and the democratic process: increases the likelihood candidates will depend more on private fundraising, boosting the influence of large donors and outside groups in presidential campaigns.
Taxpayers and the federal budget: provides only a one-time fiscal benefit for deficit reduction while eliminating a recurring public financing tool for future elections.
Based on analysis of 2 sections of legislative text.
Ends the taxpayer checkoff and federal public financing for Presidential elections and conventions; remaining fund balances are transferred to the Treasury general fund for deficit reduction.
Introduced May 8, 2025 by W. Greg Steube · Last progress May 8, 2025
Terminates the federal taxpayer checkoff that lets filers designate funds for presidential campaigns and ends the federal Presidential Election Campaign Fund and related public financing for presidential elections and nominating conventions. Any money remaining in the public campaign fund is required to be transferred to the Treasury general fund to be used for deficit reduction. The change to the tax code makes the checkoff inapplicable for taxable years beginning after December 31, 2024, and the statutory chapters that authorize presidential public financing and convention payments are terminated effective on enactment.