US Congress Senate Bill 745 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on March 16 2015 - 25% progression, died in committee
Action: 2015-03-16 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

National Debt and Taxation Transparency Act of 2015

Sen. John Cornyn [R-TX]

Date	Chamber	Action
2015-03-16	Senate	Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/745/all-info
Text	https://www.congress.gov/114/bills/s745/BILLS-114s745is.pdf