Look at the GDP figures for any given quarter in recent years. In the midst of all these discussions from political figures and TV business analysts who quibble about whether a 2% growth rate is acceptable, a 3% growth rate is sustainable, etc. ... the dirty little secret in the numbers is that our GDP growth figures are driven heavily by one "industry sector": a 10%-15% annual growth rate in the category known as "Government, Non-Defense."
So that's where we are. I can't fix that.
We needed to start fixing the deficit 10-20 years ago, not cutting revenue while maintaining or increasing spending.
Has there even been a year in my lifetime where overall tax revenues actually DECLINED?
Has there even been a year in my lifetime where overall tax revenues actually DECLINED?
Tax revenue declined 1970-1971, 1982-1983, 2001-2003, and 2007-2009.
https://www.thebalance.com/current-u-s-federal-government-tax-revenue-3305762