If enacted, the True Cost Act would require the federal government to furnish detailed calculations that show individual taxpayers what portion of the deficit and public debt they are responsible for, based on their projected tax returns for the relevant fiscal year. This change could foster greater accountability and encourage public discourse around fiscal policies, potentially influencing taxpayers' perspectives on budgetary issues and government spending.
Summary
House Bill 6889, known as the 'True Cost Act', seeks to amend section 1105(a) of title 31, United States Code. The primary goal of this legislation is to enhance transparency in the federal budgeting process by mandating that the President's annual budget submissions include an estimate of the cost per taxpayer related to both the federal deficit and public debt. This is intended to provide taxpayers with a clearer picture of the fiscal implications of government borrowing and spending decisions.
Contention
There may be points of contention surrounding the implementation of this bill, particularly regarding how the estimates will be calculated and presented. Critics could argue that showing cost estimates may lead to misunderstanding or misinterpretation of the government's fiscal health, while supporters believe it offers necessary clarity. Moreover, the implications for tax policy and allocations may spark debates on how best to use taxpayer money, especially in the context of rising public debt.
Same As
True Cost Act 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.