Monday, March 4, 2013

Rep. Messer Introduces Deficit Transparency Bill

Indiana's 6th Congressional District Representative (US), Luke Messer (R), introduced HB 688. This bill, if passed, will compel Congress and the Executive Branch to publish deficit data to taxpayers.

This bill stands a chance at passing simply because it could serve as a double-edged sword.

On the side of fiscal conservatives, the bill would compel the government to publish pro rata deficit data. What this means is that after all revenues are spent, each taxpayer will get a report in conjunction with their tax return. That report will state how much the government spent, per that individual's share, beyond its revenue. In other words, each person will get a statement with a dollar amount of how much the federal government overspent in comparison for how much tax money you actually paid, per person. It could be used as a fair argument for cutting extraneous federal spending and enlighten people to the necessity for a balanced budget amendment.

For liberal, who believe that the government owns all your wealth but allows you to keep some of it, the statement would say something else. It would say "this is how much tax this taxpayer paid, but the services we rendered to that person actually cost this much. So adding what you actually paid to what we fell short, this is what your 'fair share' should have really been". Simply, it could be turned into a propaganda tool directed towards excuses to increase taxation, regulatory fees, and other federal revenues.

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 for other purposes.


Section 1105(a) of title 31, United States Code, is amended—
(1) re-designating paragraph (37) (relating to the list of outdated or duplicative plans and reports) as paragraph (39); and

(2) by adding at the end the following: ‘‘(40) 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.’’.