H.R. 6050 · 114th Congress
National Debt and Taxation Transparency Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HuizengaSponsorNo cosponsors.
This bill directs the Department of the Treasury to provide each individual who has a valid Social Security number, who received a Form W-2 in the previous taxable year, and who has filed a tax return in any previous taxable year (eligible individual) with a taxpayer account statement.
What it does: CRS summary · Introduced in House · Sep 15, 2016
National Debt and Taxation Transparency Act of 2016
This bill directs the Department of the Treasury to provide each individual who has a valid Social Security number, who received a Form W-2 in the previous taxable year, and who has filed a tax return in any previous taxable year (eligible individual) with a taxpayer account statement.
Beginning on October 1, 2017, Treasury must provide the statement to eligible individuals upon request. For individual income tax returns after 2019, Treasury must include the statement in the instructions for the returns.
The taxpayer account statement shall include: (1) a summary of the most recent Financial Report of the U.S. government, including the Statement of Long Term Fiscal Projections; (2) a calculation by Treasury of the eligible individual's share of the total obligations of the federal government; and (3) a 30-year calculation of the proportional increase in the federal income tax rates necessary to entirely finance the current fiscal path of the federal government, assuming there are no changes in current fiscal policy and no budget deficit.
Within five years of enactment of this bill, Treasury must also provide an estimate of the marginal tax rate and the income and payroll tax liability of the individual under the assumptions stated above.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: National Debt and Taxation Transparency Act of 2016
Latest action (Sep 15, 2016): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Sep 15, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.