George Osborne should give every taxpayer a receipt, detailing how their money is spent

By Tim Montgomerie

It may be a left-leaning think tank but I love the idea that has just come out of America's Third Way think tank. They argue that every taxpayer should receive a receipt detailing where their money has gone:

"An electorate unschooled in basic budget facts is a major obstacle to controlling the nation’s deficit, not to mention addressing a host of economic and social problems. We suggest that everyone who files a tax return receive a “taxpayer receipt.”"

Looking at the receipt below it highlights the large sum of money that goes on paying down the national debt. This transparency would help fiscal conservatism.

I also like the itemisation of the cost of politics (at the foot of the receipt). It might help voters understand that even drastic cuts in certain budget items won't eliminate the deficit. Entitlement spending is the big budget problem.

I hope George Osborne gives the idea serious consideration.

Download a PDF of Third Way's proposal here.