Lubbock Times

On May 15, 2024, House Budget Committee Chairman Jodey Arrington (R-TX) introduced a bill aimed at providing taxpayers with greater transparency on the public debt. The proposed legislation, H.R. 8372 or the Debt Per Taxpayer Information Act, is designed to educate Americans about the country's fiscal trajectory and its implications for them and their families.

Under this act, every American filing a tax return would receive information on their W-2 about federal revenues, outlays, and deficits in the most recent tax year. It would also include data on the total gross debt and an estimate of the debt per taxpayer. Additionally, it mandates that both the President's budget request and the concurrent budget resolution incorporate estimates of debt per taxpayer.

Chairman Arrington made his intentions clear when introducing H.R. 8372: “Taxpayers should have full transparency regarding how the federal government spends their hard-earned money and the fiscal condition of their country. The Debt Per Taxpayer Information Act will shine a light on our government’s out-of-control spending habits and turn up the heat of accountability on the profligate spending of Washington politicians.”

The introduction of this legislation comes against a backdrop of increasing concern over America's fiscal sustainability. According to estimates from the Congressional Budget Office, federal debt now exceeds $34 trillion—equivalent to over $200,000 per taxpayer. However, these figures are not widely known or understood by most Americans due to their sheer magnitude.

The Debt Per Taxpayer Information Act aims to address this issue by making crucial financial data about the federal budget accessible to all Americans. The bill is set for consideration during a House Budget Committee markup scheduled for Thursday, May 16.