H.R. 8372 would require each submission of the President’s Budget (the President’s funding request) and the Concurrent Resolution on the Budget (the Congress’s fiscal framework for the federal budget) to provide information on total federal debt, federal assets net of liabilities, and federal investment. 

In addition, H.R. 8372 would require W-2 forms to include budget information from the most recently completed fiscal year. That information would consist of total federal government revenues, outlays, and the deficit; total gross federal debt; and an estimate of the pro rata amount of the gross federal debt for each individual taxpayer in the taxable year. The W-2 is a form that employers must file with the Internal Revenue Service and Social Security Administration, and provide to employees. The W-2 provides information regarding an employee’s taxable wages and the taxes withheld during the prior year.

Based on the cost of similar reporting and administrative requirements, CBO estimates that implementing the bill would have no significant cost over the 2024-2029 period. Any spending would be subject to the availability of appropriated funds.