Debt
Column Published in syndication October 09, 2024The federal deficit for the past fiscal year was $1.8 trillion. While there have been times when it was that high (inflation-adjusted), they were during major wars or the pandemic. The fact that we are near record levels when the economy is growing is alarming, particularly given that (1) the Congressional Budget Office projects it at $2.9 trillion in 10 years if we remain on this trajectory and (2) both presidential candidates are backing proposals that would add more red ink.
Who Pays?
Column Published in syndication May 22, 2024In fiscal year 2023, the US government collected about $4.7 trillion in total revenue, with roughly half ($2.35 trillion) derived from the much-maligned personal income tax. We don't have a detailed breakout yet, but the Tax Foundation recently released an analysis of individual income return statistics from the Internal Revenue Service (IRS) for 2021. Given the attention that taxes always manage to muster in election season and our current fiscal excesses, it's worth a brief review.