Taxpayer Receipt Act

The Taxpayer Receipt Act (S 1106) requires the Treasury Secretary to send every individual who files a federal income tax return a one-page summary of the previous fiscal year's budget. This summary must include four specific items: total federal spending, total federal revenue collected, the annual deficit or surplus, and the total federal debt held by the public. The bill directly affects all U.S. taxpayers who file federal income tax returns. It creates a new administrative requirement for the Treasury to provide this standardized budget snapshot annually with tax filings.