True Cost Act

Bill: 118-hr-438
Sponsor: full_name: Rep. Stewart, Chris [R-UT-2]
Introduced: 2023-01-20
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt

Budget process

Government information and archives

Tax administration and collection, taxpayers
Latest action: action_date: 2023-01-20
text: Referred to the House Committee on the Budget.

Summaries:
action_date: 2023-01-20
action_desc: Introduced in House
text: <p><b>True Cost Act</b></p> <p>This bill requires the President's annual budget submission to Congress to include estimates of the cost per individual taxpayer for (1) the public debt, and (2) any projected budget deficit for a fiscal year.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 438 IN THE HOUSE OF REPRESENTATIVES January 20, 2023 Mr. Stewart (for himself, Mr. Case , and Mr. Crenshaw ) introduced the following bill; which was referred to the Committee on the Budget A BILL To amend section 1105(a) of title 31, United States Code, to require that annual budget submissions of the President to Congress provide an estimate of the cost per taxpayer of the deficit and of the public debt.

1. Short title This Act may be cited as the True Cost Act . 2. Requirement in budget submission with respect to the cost per taxpayer of the deficit Section 1105(a) of title 31, United States Code, is amended by adding at the end the following: (40) (A) in the case of a fiscal year in which the budget is projected to result in a deficit, an estimate of the pro rata cost of such deficit for taxpayers who will file individual income tax returns for taxable years ending during such fiscal year; and (B) in the case of any fiscal year, an estimate of the pro rata cost of the public debt for taxpayers who will file individual income tax returns for taxable years ending during such fiscal year. .