I haven’t checked lately. Is tax revenue only a small portion of federal spending?
Interest on the federal debt is now so immense that it's consuming 40% of all personal income taxes. The largest source of revenue for the federal government is increasingly being devoted to just servicing the debt, not even paying it down.
The problem is getting worse daily . . .
US national debt tracker for April 12, 2024: See what American taxpayers (you) owe in real time
Thanks to a combination of high inflation, rising interest rates and unrelenting growth in the national debt, interest payments are expected to triple from nearly $475 billion in fiscal year 2022 to a stunning $1.4 trillion in 2032.
Given that the left refuses to cut spending on wasteful communist-socialist pogroms and too many politicians overall refuse to cut spending on pork . . .
Some time within the time-span of mid 2027 on up to mid 2029, all of personal income taxes will be paying all of the interest on the national debt. None of personal income taxes, will be paying down the national debt.