Posted on 02/14/2024 10:14:21 PM PST by CFW
Federal tax revenue increased 33% since Congress passed the Trump-era tax reform bill in 2017, while spending increased more than 50% over that same time frame.
The data is contained in the Congressional Budget Office's recently released 10-year budget outlook.
"Measured as a share of the economy, tax revenue averaged 17% of gross domestic product in the years since the TCJA was passed, the same share as in 2017, and would have been higher if not for the pandemic and associated economic shutdowns," wrote Alfredo Ortiz, president and CEO of the Job Creators Network. "The CBO projects the tax share to grow in the years ahead."
Congress faces two appropriations deadlines in March. Lawmakers will need to a pass a new spending bill to continue federal government funding and avoid a shutdown. Currently, the total national debt is approaching $35 trillion and it is projected to jump to $48.3 trillion by the end of 2034, according to the CBO.
The Committee for Responsible Federal Budget released an analysis that shows interest on the U.S. national debt is on pace to become the "second largest" federal government expenditure and the "fastest growing" part of the federal government's annual budget.
(Excerpt) Read more at justthenews.com ...
Nope. It is the spending. Congress refuses to cut spending and we keep printing more and more dollars.
Happened under Reagan also, and Reagan always got dinged for
raising the nation’s debt.
Trump has also.
Congress is way way way out of control.
As we have all known for years, spending not revenue is the problem, well everyone but politicians addicted to buying their positions with taxpayer dollars and borrowing
Gigantic multi-thousand page spending bills are the problem. Spending that is worthwhile and justified is mixed in with wasteful spending for politicians’ pet projects and political agendas, and the threat of a “government shutdown” is used every year to move these behemoth spending bills along to the president’s desk.
The whole process is broken, and most people in Congress are perfectly fine with keeping it that way.
Difference is; without the Covid fiasco and costs, Trump’s overrun” wouldn’t have been anywhere near how it turned out.
Under Trump, my taxes went town abut $900 - under Biden, they’ve gone up over $2K over the last two years.
Same happened when JFK cut tax rates, tax revenues increased.
.
Ping
I agree. Trump’s first three years were stellar.
Biden talks about putting people back to work, as if.
later
bttt
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