Budget Literacy for Form W-2

H.R. 8372, Debt Per Taxpayer Information Act, proposes to require the IRS to add this information to the bottom of Form W-2:

  1) Total revenue, outlays and deficit of the Federal government;

  2) Total gross Federal debt; and

  3) Estimate of the pro rate amount of Federal debt for taxpayers who will file 1040s for that year.

Sounds like a good idea to me.  There are many places where information about our tax and budget can be placed, including signs/posters in government buildings, lawmaker websites, and to better reach more individuals, rather than only the W-2, put the H.R. 8372 information on the bottom of Form 1099-NEC.

H.R. 8372 sponsor Congressman Arrington states that the Federal debt figure is $34 trillion or $200,000 per taxpayer!

In 1990, IRC Section 7523 was enacted to require the IRS to put 2 pie charts in the 1040 instruction booklet. One showing broad categories of revenues and the other expenditures. That may have reached people in the 1990s, but today, most people likely don't look at any pages of the Form 1040 instructions instead relying on tax prep software or a tax return preparer for answers to questions. That information also need to be moved to places where people will see it. [See my blog post on Section 7523 from 11/10/12]

And more is needed. I'd suggest a QR code with the proposed info to add to the W-2 so people can readily go for an explanation and more information. 

What do you think?