Bill of the Month — May 2024: Debt Per Taxpayer Information Act

Bill of the Month – May 2024

H.R.8372 – Debt Per Taxpayer Information Act

Sponsors: Reps. Jodey Arrington (R-Texas), Ron Estes (R-Kan.) and Glenn Grothman (R-Wis.)

INTRODUCTION

The Debt Per Taxpayer Information Act would require public documents, including taxpayer W-2 forms, presidential budgets, and concurrent budget resolutions to include the gross federal debt and debt per taxpayer.

This advancement in transparency will highlight the nation’s fiscal state and allow Americans to engage in debate over how much debt with which the government is saddling them. It is for these reasons, among others, that TPA is pleased to make the Debt Per Taxpayer Information Act, introduced by Reps. Jodey Arrington (R-Texas), Ron Estes (R-Kansas) and Glenn Grothman (R-Wis.) its Bill of the Month for May 2024.

BLOG

Background:

Currently, the U.S. national debt is more than $34 trillion. In fiscal year (FY) 2023, the federal government ran a deficit of $1.7 trillion. The Congressional Budget Office (CBO) estimates that the deficit in FY24 will be approximately $1.5 trillion.

However, the federal government fails to disclose to Americans just how much of the debt each taxpayer is responsible for. From December 2022 to December 2023, the debt held per taxpayer increased from nearly $94,000 to over $101,000. Congress’ reckless spending habits are the largest driver behind this growth.

In order for taxpayers to understand the impact of Federal spending decisions, information such as debt per taxpayer must be both accessible and transparent.

Debt Per Taxpayer Information Act:

The Debt Per Taxpayer Information Act would require public documents, including taxpayer W-2 forms, presidential budgets, and concurrent budget resolutions to include the gross federal debt and debt per taxpayer. On May 16, 2024, the House Budget Committee advanced this legislation by a bipartisan vote of 21-4.

This advancement in transparency will highlight the nation’s fiscal state and allow Americans to engage in debate over what debt they are responsible for. It is for these reasons, among others, that TPA is pleased to make the Debt Per Taxpayer Information Act from Reps. Arrington, Estes and Grothman its Bill of the Month for May 2024.