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The bill eliminates the presidential campaign funding checkoff and repeals public financing, trading a modest civic option and a transparent, dedicated funding stream for simplified tax forms and a one-time boost to deficit reduction while increasing candidates' reliance on private fundraising.
Taxpayers will no longer see or need to use the $3 Presidential Election Campaign Fund checkoff on their federal income tax forms after 2024, simplifying tax filing.
Remaining balances in the Presidential Election Campaign Fund will be transferred to the Treasury and restricted to deficit reduction, which could modestly lower the federal deficit and free up general revenues.
Repealing the public financing provisions ends a taxpayer-subsidized federal program, reducing a form of government involvement in campaign financing that some Americans view as preferable.
Presidential candidates and political parties will lose access to public matching funds and convention grants, increasing their reliance on private fundraising and potentially amplifying influence of large private donors.
Taxpayers who want to support publicly financed campaigns will lose the modest civic option of the tax form checkoff, reducing an easy avenue for public participation in campaign financing.
Redirecting the fund to deficit reduction permanently removes a dedicated, transparent source of campaign financing and could reduce public oversight and clarity about how presidential campaigns are funded.
Based on analysis of 2 sections of legislative text.
Ends the Presidential public financing system by removing the tax check-off, repealing related tax-code chapters, and moving remaining fund balances to the Treasury for deficit reduction.
Introduced February 12, 2025 by Joni Ernst · Last progress February 12, 2025
Terminates the federal public financing system for Presidential campaigns by ending the tax check-off that lets taxpayers direct money to the Presidential Election Campaign Fund, repealing the tax-code provisions that apply those public funds to Presidential elections and nominating conventions, and directing remaining balances in the fund to the Treasury general fund for deficit reduction. The tax check-off ends for taxable years beginning after December 31, 2024; the repeal and transfer of remaining funds take effect on enactment.