Lubbock Times

House Budget Committee Chairman Jodey Arrington (TX-19) has introduced H.R. 8372, the Debt Per Taxpayer Information Act. This legislation aims to educate American taxpayers about the nation's fiscal trajectory and its implications for them and their families.

The proposed act would provide each American filing a tax return with information on their W-2 about federal revenues, outlays, and deficits in the latest available tax year, the total gross debt, and the estimated debt per taxpayer. It would also mandate that the President’s budget request and the concurrent budget resolution include estimates of debt per taxpayer.

“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,” said Chairman Arrington.

The Congressional Budget Office currently estimates that our federal debt exceeds $34 trillion. This translates to over $200,000 per taxpayer. However, these figures are not well known or easily understood by most Americans due to the immense size and scope of our fiscal issues. The Debt Per Taxpayer Information Act seeks to address this by providing vital financial data on the federal budget to Americans.

The specifics of the Debt Per Taxpayer Information Act include requirements for both W-2 forms and Presidential Budget Requests to display various details about federal revenue, outlays, deficit, total gross Federal debt, as well as estimates of per taxpayer amounts of gross Federal debt.

The Debt Per Taxpayer Information Act is scheduled for consideration during a House Budget Committee markup on Thursday, May 16.