Reduce America's Debt Now Act of 2011 - Authorizes an employee to elect for an employer to deduct and withhold upon the payment of his or her wages amounts to be used to reduce the public debt.
Disallows an itemized deduction under the Internal Revenue Code for such withholding.
Requires the Secretary of the Treasury to: (1) modify withholding exemption certificates (Form W-4) to include such an election, and (2) include on the certificate a reasonably conspicuous statement that any amounts deducted and withheld from such wages are not deductible as charitable contributions for federal income tax purposes.
Amends the Code to redefine "wages" to exclude any amount deducted and withheld pursuant to an election under this Act for purposes of employment taxes and collection of income taxes.
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