Debt Per Taxpayer Information Act

Bill: 118-hr-8372
Sponsor: full_name: Rep. Arrington, Jodey C. [R-TX-19]
Introduced: 2024-05-14
Policy area: Taxation
Subjects: Budget deficits and national debt

Budget process

Government information and archives

Legislative rules and procedure

Tax administration and collection, taxpayers
Latest action: action_date: 2024-05-16
text: Ordered to be Reported (Amended) by the Yeas and Nays: 21 - 4.

Summaries:
action_date: 2024-05-14
action_desc: Introduced in House
text: <p><strong>Debt Per Taxpayer Information Act&nbsp;</strong></p><p>This bill requires the President's budget submission and the concurrent budget resolution to provide an estimate of the pro rata amount for each taxpayer of the public debt. It also requires information relating to&nbsp;federal government revenue, outlays, and deficit and related information to be included on a taxpayers's W-2 form.&nbsp;</p><p>&nbsp;</p><p>&nbsp;</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 8372 IN THE HOUSE OF REPRESENTATIVES May 14, 2024 Mr. Arrington (for himself, Mr. Estes , and Mr. Grothman ) introduced the following bill; which was referred to the Committee on the Budget , and in addition to the Committees on Ways and Means , and Rules , 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 A BILL To require the annual budget submission of the President to Congress and the annual concurrent resolution on the budget provide an estimate of certain additional information per each taxpayer, and for other purposes.

1. Short title This Act may be cited as the Debt Per Taxpayer Information Act . 2. Requirement in President’s budget submission and concurrent budget resolution (a) President’s budget submission Section 1105(a) of title 31, United States Code, is amended by adding at the end the following: (40) for the prior fiscal year, current fiscal year, the fiscal year for which the budget is submitted, and ensuing fiscal years, an estimate of the pro rata amount for each taxpayer who will file individual income tax returns for taxable years ending during such fiscal year of the debt held by the public and gross Federal debt. . (b) Budget resolution Section 301(a) of the Congressional Budget and Impoundment Control Act of 1974 ( 2 U.S.C. 632(a) ) is amended by adding at the end the following: In addition to the requirements in paragraphs (1) through (7), each concurrent resolution on the budget shall include, for the prior fiscal year, current fiscal year, the fiscal year beginning on October 1 of the current calendar year, and ensuing fiscal years, an estimate of the pro rata amount of the gross Federal debt for each taxpayer who will file individual income tax returns for taxable years ending during any such fiscal year. 3. Federal budget information included with employee’s Form W-2 (a) In general Section 6051 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (h) Federal budget information At the bottom of the employee’s copy of the form prescribed for furnishing the statements required pursuant to this section, the Secretary shall include, with respect to the most recently completed fiscal year, the following information: (1) Total Federal Government revenue, outlays, and deficit. (2) The total gross Federal debt. (3) An estimate of the pro rata amount of the gross Federal debt for taxpayers who will file individual income tax returns for taxable years ending during such fiscal year. Such information shall be presented in a manner calculated to be understood by the average individual and shall be preceded by a conspicuous statement clarifying that dollar amounts are for informational purposes only and do not represent any amount owed. . (b) Effective date The amendment made by this section shall apply to statements required to be furnished with respect to remuneration paid after December 31, 2023.