,,ii  #aad? ,,congress  #a/ ,session    
,s4 #gde  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #af1 #bjae ,mr4   
,cornyn introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to provide debt &  
tax transp>5cy to taxpay]s4  #a4 ,%ort  
title ,?is ,act may be cit$ z !         
,national ,debt & ,taxation ,transp>5cy 
,act ( #bjae4  #b4 ,f9d+s & purposes    
7a7 ,f9d+s ,congress makes ! foll[+     
f9d+s3  7#a7 ,unit$ ,/ates taxpay]s "w  
on av]age almo/ #c mon?s ( e ye> to pay 
= ! op]ations ( ! ,f$]al ,gov]nm5t4     
7#b7 ,unit$ ,/ates taxpay]s sp5t on     
av]age #bj p]c5t ( _! total income on   
,f$]al taxes 9 #bjad4  7#c7 ,9 #bjad1   
,unit$ ,/ates taxpay]s sp5t m on taxes  
?an on food1 clo?+1 & h\s+ comb9$4  7#d7
 ,! ,f$]al ,gov]nm5t sp5t ! equival5t ( 
m ?an #bh1hjj p] ,unit$ ,/ates h\sehold 
9 #bjad1 add+ #d1jjj p] h\sehold to !   
,f$]al deficit4  7#e7 ,! national debt z
 ( ,janu>y #bjae exce$s #ade1jjj p]     
,unit$ ,/ates h\sehold4  7b7 ,purposes  

,! purposes ( ?is ,act are--  7#a7 to   
br+ m transp>5cy to ! tax-&-sp5d habit (
 ! ,f$]al ,gov]nm5t2  7#b7 to provide = 
bett] acc\ntability 9 ! ,f$]al budget & 
appropriations process2 &  7#c7 to      
increase ! p>ticipation ( ,unit$ ,/ates 
citiz5s 9 _! gov]nm5t4  #c4 ,a taxpay]  
f9ancial /atem5t to taxpay]s  7a7       
,provision ( /atem5t ^u reque/ ,beg9n+ n
 lat] ?an ,octob] #a1 #bjag1 ! ,secret>y
 ( ! ,treasury 7or ! ,secret>y's        
delegate7 %all provide to ea* eligible  
individual a taxpay] acc\nt /atem5t =   
su* individual4  7b7 ,taxpay] acc\nt    
/atem5t ,! taxpay] acc\nt /atem5t       
requir$ "u subsection 7a7 %all include--
 7#a7 a summ>y ( ! mo/ rec5t ,f9ancial  
,report ( ! ,unit$ ,/ates ,gov]nm5t1    
includ+ ! ,/atem5t ( ,long ,t]m ,fiscal 
,projections2  7#b7 a calculation by !  
,secret>y ( ! ,treasury ( ! eligible    
individual's %>e ( ! total obligations (
 ! ,f$]al ,gov]nm5t1 includ+ ^? incurr$ 
9 ,m$ic>e1 ,social ,security1 o!r       
civilian & milit>y retirem5t b5efit     

programs1 publicly-held debt1 & any o!r 
liabilities & exp5ses1 z report$ by !   
mo/ rec5t ,f9ancial ,report ( ! ,unit$  
,/ates ,gov]nm5t2 &  7#c7 a #cj-ye>     
calculation ( ! proportional increase 9 
! ,f$]al income tax rates1 z e/abli%$ "u
 *apt] #a ( subtitle ,a ( ! ,int]nal    
,rev5ue ,code ( #aihf1 necess>y to      
entirely f9ance ! curr5t fiscal pa? ( ! 
,f$]al ,gov]nm5t1 assum+ no *anges 9    
curr5t fiscal policy & assum+ no budget 
deficit4  7c7 ,additional calculation ,n
 lat] ?an #e ye>s aft] ! date ( !       
enactm5t ( ?is ,act1 ! ,secret>y %all   
also provide an e/imate ( ! m>g9al tax  
rate & ! income & payroll tax liability 
( ! individual "u ! assumptions /at$ "u 
subsection 7b77#f74  7d7 ,eligible      
individual ,= purposes ( ?is section1 ! 
t]m eligible individual means an        
individual :o--  7#a7 has a valid social
 security numb] issu$ by ! ,social      
,security ,adm9i/ration2  7#b7 receiv$ a
 ,=m ,w-#b 9 ! previ\s taxable ye>2 &   
7#c7 has fil$ a return ( tax 9 any      

previ\s taxable ye>4  7e7 ,notice ,!    
,secret>y ( ! ,treasury %all1 to !      
maximum ext5t practicable1 take su* /eps
 z are necess>y to assure t eligible    
individuals are in=m$ ( ! availability (
 ! /atem5t requir$ "u subsection 7a74   
7f7 ,m&atory provision ( initial        
/atem5ts ,by n lat] ?an ,septemb] #cj1  
#bjbj1 ! ,secret>y ( ! ,treasury 7or !  
,secret>y's delegate7 %all provide a    
taxpay] acc\nt /atem5t conta9+ !        
in=mation requir$ "u subsection 7b7 to  
ea* eligible individual = :om a curr5t  
mail+ address c be det]m9$4 ,! ,secret>y
 %all provide ) ea* su* /atem5t notice t
 an updat$ v]sion ( su* /atem5t is      
available annually ^u reque/4