True Cost Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 438 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 438

 To amend section 1105(a) of title 31, United States Code, to require 
that annual budget submissions of the President to Congress provide an 
  estimate of the cost per taxpayer of the deficit and of the public 
                                 debt.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 20, 2023

 Mr. Stewart (for himself, Mr. Case, and Mr. Crenshaw) introduced the 
   following bill; which was referred to the Committee on the Budget

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                                 A BILL


 
 To amend section 1105(a) of title 31, United States Code, to require 
that annual budget submissions of the President to Congress provide an 
  estimate of the cost per taxpayer of the deficit and of the 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 ``True Cost Act''.

SEC. 2. REQUIREMENT IN BUDGET SUBMISSION WITH RESPECT TO THE COST PER 
              TAXPAYER OF THE DEFICIT.

    Section 1105(a) of title 31, United States Code, is amended by 
adding at the end the following:
            ``(40)(A) in the case of a fiscal year in which the budget 
        is projected to result in a deficit, an estimate of the pro 
        rata cost of such deficit for taxpayers who will file 
        individual income tax returns for taxable years ending during 
        such fiscal year; and
            ``(B) in the case of any fiscal year, an estimate of the 
        pro rata cost of the public debt for taxpayers who will file 
        individual income tax returns for taxable years ending during 
        such fiscal year.''.
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