,,ii  #aadth ,,congress  #ast ,session  
,s4 #gde  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,march #af1 #bjae   
,mr4 ,cornyn introduced the following   
bill2 which was read twice and referred 
to the ,committee on ,finance  ,a ,,bill
  ,to provide debt and tax transparency 
to taxpayers4  #a4 ,short title ,this   
,act may be cited as the ,national ,debt
 and ,taxation ,transparency ,act of    
#bjae4  #b4 ,findings and purposes  7a7 
,findings ,congress makes the following 
findings3  7#a7 ,united ,states         
taxpayers work on average almost #c     
months of every year to pay for the     
operations of the ,federal ,government4 
7#b7 ,united ,states taxpayers spent on 
average #bj percent of their total      
income on ,federal taxes in #bjad4  7#c7
 ,in #bjad1 ,united ,states taxpayers   
spent more on taxes than on food1       
clothing1 and housing combined4  7#d7   
,the ,federal ,government spent the     
equivalent of more than #bh1hjj per     
,united ,states household in #bjad1     

adding #d1jjj per household to the      
,federal deficit4  7#e7 ,the national   
debt as of ,january #bjae exceeds       
#ade1jjj per ,united ,states household4 
7b7 ,purposes ,the purposes of this ,act
 are--  7#a7 to bring more transparency 
to the tax-and-spend habit of the       
,federal ,government2  7#b7 to provide  
for better accountability in the        
,federal budget and appropriations      
process2 and  7#c7 to increase the      
participation of ,united ,states        
citizens in their government4  #c4 ,a   
taxpayer financial statement to         
taxpayers  7a7 ,provision of statement  
upon request ,beginning not later than  
,october #a1 #bjag1 the ,secretary of   
the ,treasury 7or the ,secretary's      
delegate7 shall provide to each eligible
 individual a taxpayer account statement
 for such individual4  7b7 ,taxpayer    
account statement ,the taxpayer account 
statement required under subsection 7a7 
shall include-- 7#a7 a summary of the   
most recent ,financial ,report of the   

,united ,states ,government1 including  
the ,statement of ,long ,term ,fiscal   
,projections2  7#b7 a calculation by the
 ,secretary of the ,treasury of the     
eligible individual's share of the total
 obligations of the ,federal            
,government1 including those incurred in
 ,medicare1 ,social ,security1 other    
civilian and military retirement benefit
 programs1 publicly-held debt1 and any  
other liabilities and expenses1 as      
reported by the most recent ,financial  
,report of the ,united ,states          
,government2 and  7#c7 a #cj-year       
calculation of the proportional increase
 in the ,federal income tax rates1 as   
established under chapter #a of subtitle
 ,a of the ,internal ,revenue ,code of  
#aihf1 necessary to entirely finance the
 current fiscal path of the ,federal    
,government1 assuming no changes in     
current fiscal policy and assuming no   
budget deficit4  7c7 ,additional        
calculation ,not later than #e years    
after the date of the enactment of this 

,act1 the ,secretary shall also provide 
an estimate of the marginal tax rate and
 the income and payroll tax liability of
 the individual under the assumptions   
stated under subsection 7b77#f74  7d7   
,eligible individual ,for purposes of   
this section1 the term eligible         
individual means an individual who--    
7#a7 has a valid social security number 
issued by the ,social ,security         
,administration2  7#b7 received a ,form 
,w-#b in the previous taxable year2 and 
7#c7 has filed a return of tax in any   
previous taxable year4  7e7 ,notice ,the
 ,secretary of the ,treasury shall1 to  
the maximum extent practicable1 take    
such steps as are necessary to assure   
that eligible individuals are informed  
of the availability of the statement    
required under subsection 7a74  7f7     
,mandatory provision of initial         
statements ,by not later than ,september
 #cj1 #bjbj1 the ,secretary of the      
,treasury 7or the ,secretary's delegate7
 shall provide a taxpayer account       

statement containing the information    
required under subsection 7b7 to each   
eligible individual for whom a current  
mailing address can be determined4 ,the 
,secretary shall provide with each such 
statement notice that an updated version
 of such statement is available annually
 upon request4