S. 745 · 114th Congress
National Debt and Taxation Transparency Act of 2015
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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
CornynSponsorNo cosponsors.
This bill directs the Department of the Treasury, beginning not later than October 1, 2017, 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 Senate · Mar 16, 2015
National Debt and Taxation Transparency Act of 2015
This bill directs the Department of the Treasury, beginning not later than October 1, 2017, 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. An initial statement must be provided to each eligible individual with a current mailing address not later than September 30, 2020.
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.
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 2015
Latest action (Mar 16, 2015): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Mar 16, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.