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To deposit portions of revenue generated from public lands into the Social Security Trust Fund.

12/19/2024, 9:06 AM

Summary of Bill HR 10466

Bill 118 hr 10466, also known as the "Public Lands Revenue Deposit Act," aims to allocate a portion of the revenue generated from public lands to the Social Security Trust Fund. The bill proposes that a certain percentage of the funds obtained from activities such as mining, drilling, and leasing on federal lands be deposited into the trust fund to help support Social Security benefits for current and future retirees.

The rationale behind this legislation is to ensure the long-term sustainability of the Social Security program by diversifying its funding sources and reducing reliance on payroll taxes. By tapping into the revenue generated from public lands, the bill seeks to provide a stable and additional source of income for the trust fund, which is crucial for meeting the growing financial demands of an aging population.

Supporters of the bill argue that this measure will help strengthen the financial health of Social Security and ensure that benefits can be paid out in full and on time. They also highlight the potential economic benefits of utilizing public lands revenue to support social welfare programs. Opponents, however, may raise concerns about the potential impact on the federal budget and the allocation of funds from public lands. They may argue that diverting revenue from public lands to the Social Security Trust Fund could have negative consequences for other government programs or priorities. Overall, Bill 118 hr 10466 represents an effort to address the financial challenges facing the Social Security program and explore alternative sources of funding. The bill will undergo further review and debate in Congress before any potential implementation.

Current Status of Bill HR 10466

Bill HR 10466 is currently in the status of Bill Introduced since December 18, 2024. Bill HR 10466 was introduced during Congress 118 and was introduced to the House on December 18, 2024.  Bill HR 10466's most recent activity was Referred to the Committee on Natural Resources, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of December 18, 2024

Bipartisan Support of Bill HR 10466

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 10466

Primary Policy Focus

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