U.S. Congressman Jim Cooper (D-TN) joined Reps. Mike Quigley (D-IL), Todd Platts (R-PA), Aaron Schock (R-IL), and Dave Reichert (R-WA) to introduce legislation to provide each American with an itemized tax receipt. The Taxpayer Receipt Act (H.R. 1527) would provide a simple readout of where every individual taxpayer's dollars are being spent.
"Every time you make a major purchase, you get a receipt; the same should be true of tax dollars," said Congressman Cooper. "Americans deserves to know how their precious tax dollars are being spent. A Taxpayer Receipt just makes sense."
The bill would provide a written receipt for those filing paper tax returns and an electronic receipt for those that e-file. The receipt would include a breakdown of each individual's contributions to Social Security, defense spending, Medicare, and other federal programs, as well as the total amount of federal debt and how much the federal government has borrowed per citizen.
The bipartisan "Taxpayer Receipt Act" was introduced in the Senate last month by Sens. Bill Nelson (D-Fla.) and Scott Brown (R-MA). It is also "strongly supported" by the centrist think tanks Third Way and The Bipartisan Policy Center as well as by Americans for Prosperity and the National Taxpayer Advocate.