True Cost Act

HR 6889, the True Cost Act, requires the federal government to include specific cost estimates in annual budget submissions. It mandates that when a budget projects a deficit, the administration must calculate and report the pro rata cost of that deficit per taxpayer who files an individual income tax return for the year ending during the fiscal year. The bill also requires annual estimates of the pro rata cost of the public debt for the same taxpayers. This procedural bill affects all individual income tax filers by adding these cost calculations to official budget documents, without changing tax rates or spending.