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H.R. 6050 (114th): National Debt and Taxation Transparency Act of 2016

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Sep 15, 2016.

National Debt and Taxation Transparency Act of 2016

This bill directs the Department of the Treasury 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.

Beginning on October 1, 2017, Treasury must provide the statement to eligible individuals upon request. For individual income tax returns after 2019, Treasury must include the statement in the instructions for the returns.

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.

Within five years of enactment of this bill, Treasury must also provide an estimate of the marginal tax rate and the income and payroll tax liability of the individual under the assumptions stated above.