S.745 - National Debt and Taxation Transparency Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Cornyn, John [R-TX] (Introduced 03/16/2015)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/16/2015 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.745 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (03/16/2015)
National Debt and Taxation Transparency Act of 2015
This bill directs the Department of the Treasury, beginning not later than October 1, 2017, to provide each individual who has a valid social security number, who received a Form W-2 in the previous taxable year, and who has filed a tax return in any previous taxable year (eligible individual) with a taxpayer account statement. An initial statement must be provided to each eligible individual with a current mailing address not later than September 30, 2020.
The taxpayer account statement shall include: (1) a summary of the most recent Financial Report of the U.S. government, including the Statement of Long Term Fiscal Projections; (2) a calculation by Treasury of the eligible individual's share of the total obligations of the federal government; and (3) a 30-year calculation of the proportional increase in the federal income tax rates necessary to entirely finance the current fiscal path of the federal government, assuming there are no changes in current fiscal policy and no budget deficit.