True Cost Act: Taxpayer Share of Deficit and Public Debt
This act aims to increase transparency in public finances. It requires the President to provide annual estimates to Congress of the cost of the budget deficit and public debt, calculated per taxpayer. This will help citizens better understand how budget decisions impact their personal finances and future tax burdens.
Key points
The government must disclose the cost of the budget deficit per individual taxpayer.
The government must disclose the cost of the public debt per individual taxpayer.
These figures will be included in the annual budget submission, enhancing public awareness of national finances.
Expired
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