True Cost Act

HR 438, the True Cost Act, requires the federal government to include specific budget estimates in annual budget submissions. It mandates that for any fiscal year with a projected deficit, the budget must estimate the pro rata cost of that deficit per taxpayer who files an individual income tax return. The bill also requires an annual estimate of the pro rata cost of the national public debt for the same taxpayers. This information would be added to budget documents but does not change tax rates or actual taxpayer obligations. The bill directly affects individual income tax filers by providing them with calculated cost breakdowns related to government deficits and debt.