A House Republican is proposing a bill that would allow U.S. taxpayers to see the likely effect of the Republican tax bill's impact on individual income taxes paid out, beginning with 2017 taxes.

Rep. Tom MacArthur, R-N.J., is proposing the Transparency for Taxpayers Act, which would require the Internal Revenue Service to make available an online tax calculator to give taxpayers the ability to see the probable impact of the bill on individual income taxes.

Backed by a group of House Republicans, MacArthur is making the push in the name of transparency, arguing that individuals should know how the bill will affect their bottom line and make them more financially secure as the bill goes into effect.

"About half of Americans are not prepared to handle a $400 emergency," MacArthur said in an interview, citing a recent study. "We believe the tax bill will save most American families some multiple of that. These are very real amounts of money to people, and I want them to understand what it means to them."

"The whole idea here is simply to give individuals ... the ability to see how the tax bill will affect them," MacArthur said. "This is about giving people some basic transparency."

According to the New Jersey Republican, the calculator would be based on basic details, including filing status, income, number of dependents, and the various deductions each individual plans to use. He also said he wants to give the IRS commissioner "flexibility" in the creation of the calculator, but wants it to be "as simple as possible" for the taxpayers' sake.

While MacArthur filed the bill to the House in mid-January, he is also pushing for immediate action on the measure and has suggested to the White House that President Trump sign an executive order in the near future mandating the creation of the calculator.

"We are hopeful the House and Senate will take up this bill quickly, but the same action could be taken even more quickly by Executive Action," he wrote in a letter to the president. "We would respectfully ask you to direct the IRS to accomplish this by April 1. We have no time to lose."

MacArthur has garnered a plentiful amount of GOP support for the bill, including 12 co-sponsors in the House. He also said he has spoken about the issue to House Majority Leader Kevin McCarthy, R-Calif., who supports the measure and plans to discuss it with the administration.

However, attracting Democrats to support the bill has been an issue after every Democratic lawmaker voted against the package in both congressional chambers. The New Jersey Republican believes they should support the bill after Democratic members roundly argued the package would raise taxes.

"I guess my question would be [this] — Democrats have said this tax bill is going to raise people's taxes. If they really believe that, they should be the very first ones to want to have transparency," MacArthur said. "If people really believe their positions, they shouldn't have any trouble supporting it. I think everyone should really want the American people to have transparency."

"If half of Americans would struggle with a $400 emergency, and no matter which way the tax bill cuts for them, if it's changing their finances materially, I think we have a responsibility to let them know how it's going to affect them."