This bill — known as the Transparency for Taxpayers Act — would require the Treasury Department to create a publicly available online tax calculator that computes the approximate change in an individual’s income tax liability from the 2017 tax year to the 2018 tax year because of the Tax Cuts and Jobs Act. The Treasury Dept., specifically the Internal Revenue Service (IRS), would have until April 1, 2018 to publish the tax calculator. The calculator would take into account several factors impacting an individual’s tax liability while being “as simple and quick to use for taxpayers as is reasonably possible.”
What is House Bill H.R. 4780?
Cost of House Bill H.R. 4780
In-Depth: Sponsoring Rep. Tom MacArthur (R-NJ) introduced this bill to require the IRS to create an online tax calculator for taxpayers so they can see the impact the Tax Cuts and Jobs Act will have on their 2018 tax liability while they file their 2017 tax return:
“Over the next year, Americans will seek to understand how the new tax law will affect their bottom line. The new law will absolutely provide Americans with real tax relief, but unfortunately some people in politics and the media have resorted to fear-mongering and spreading misinformation about it. The American people deserve better and they deserve the truth. This bill is a common sense solution that will allow taxpayers to see the real and truthful impact of the new tax law.”
This legislation has the support of 12 cosponsors in the House, all of whom are Republicans. Congressman MacArthur and his cosponsors also sent a letter to the administration suggesting they create a calculator through executive action if Congress fails to take up their bill.
Summary by Eric Revell(Photo Credit: Xesai / iStock)
Transparency for Taxpayers Act
To direct the Secretary of the Treasury to make available an online tax calculator to estimate the change in an individual's income tax liability with respect to the amendments made by the Tax Cuts and Jobs Act.
- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on Ways and MeansIntroducedJanuary 11th, 2018
- house Committees