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Shown Here: Introduced in House (03/25/2010)
111th CONGRESS 2d Session
H. R. 4943
To require the Internal Revenue Service to include in the
Form 1040 instruction booklet information relating to Federal Government
revenues, spending, and public debt.
IN THE HOUSE OF REPRESENTATIVES
March 25, 2010
Mr. McCarthy of
California (for himself, Mr.
Cantor, Mr. Camp,
Mr. Ryan of Wisconsin, and
Mr. Brady of Texas) introduced the
following bill; which was referred to the Committee on Ways and Means
A BILL
To require the Internal Revenue Service to include in the
Form 1040 instruction booklet information relating to Federal Government
revenues, spending, and public debt.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1.Short title.
This Act may be cited as the
“Informed Taxpayers’ Federal Government Annual Reporting Act
of 2010”.
SEC. 2. Annual Federal
Government financial information included in Form 1040 instructions.
(a) In
general.—The Secretary of the
Treasury shall prepare the report described in subsection (b) for each fiscal
year and include such report in any published instructions for filling out the
return of tax imposed on individuals by chapter 1 of the Internal Revenue Code
of 1986 for the taxable years beginning during the fiscal year to which the
report relates.
(b) Report.—
(1) IN
GENERAL.—The report described in this subsection shall contain the
following:
(A) A division
containing the summary described in paragraph (2), entitled “Current
Federal Government Finances”.
(B) A division
containing the summary described in paragraph (4), entitled “Federal
Government Finances & You”.
(C) A division
containing the summary described in paragraph (3), entitled “Projected
Federal Government Finances”.
(2) CURRENT FEDERAL
GOVERNMENT FINANCES.—The summary described in this paragraph shall
contain the following information:
(A) For the fiscal
year and the preceding fiscal year—
(i) the
total amount of revenues received by the Federal Government,
(ii) the
total amount of Federal Government outlays,
(iii) the amount of
any Federal budget deficit or surplus, and
(iv) the
total gross Federal debt.
(B) The amount of any
difference between the Federal budget deficit or surplus for the fiscal year
and for the preceding fiscal year.
(3) FEDERAL
GOVERNMENT FINANCES & YOU.—The summary described in this
paragraph shall contain the following information:
(A) The estimated
total number of income tax filers and nonfilers among United States
households.
(B) The estimated total number of filers who
have an income tax liability greater than zero for the current taxable
year.
(C) The amount of the
total gross Federal debt of the United States Government for the fiscal year
per individual described in subparagraph (B).
(D) The difference
between the total gross Federal debt of the United States Government per
individual described in subparagraph (B) for the fiscal year and for the
preceding fiscal year.
(4) PROJECTED
FEDERAL GOVERNMENT FINANCES.—
(A) IN
GENERAL.—The summary described in this paragraph shall contain the
following information:
(i) An
estimate of the amount of revenues to be received by the Federal Government,
Federal Government outlays, and Federal budget deficits or surpluses for the
succeeding fiscal year and for each of the next 10 fiscal years.
(ii) The
aggregate of such revenues and of such outlays, and the net of such deficits
and surpluses, for all such fiscal years.
(iii) An
estimate of the average total amount of the total gross Federal debt of the
United States Government for the succeeding fiscal year and each of the next 10
fiscal years.
(B) BASED ON CBO
ESTIMATES.—The summary
described in subparagraph (A) shall be based on the baseline and estimates
supplied by the Congressional Budget Office, consistent with Section 257 of the
Balance Budget and Emergency Deficit Control Act of 1985, included in the most
recent Budget and Economic Outlook Report or Update or any successor document
prepared by the Congressional Budget Office.
(c) Other
requirements.—The report
required under this section shall be written in a manner calculated to be
understood by the average person and shall be prominently displayed—
(1) near the beginning
of any published instructions for filling out the return of tax imposed on
individuals by chapter 1 of the Internal Revenue Code of 1986, and
(2) on the homepage of
the Internal Revenue Service Web site.