The only federal budget deficit larger than the current one was . . . last year’s.
If Republicans allow Democrats to pass through budget reconciliation everything that was taken out of the bipartisan infrastructure deal, they will be complicit in the economic harms that will inevitably result.
The problems of a wealth tax far exceed those of other taxes, and we would be wise to avoid it.
Now that everyone is past the various due dates for filing their 2020 income taxes, is there an easier way for Americans to do their taxes? A lot of people apparently think so.
The scandal in the ProPublica tax disclosure story is ProPublica’s illegal disclosure of personal tax information, not the wealthy’s legal compliance with the tax code as designed by Congress.
So what the Biden administration is proposing is a gargantuan expansion of federal spending and borrowing, which will explode the deficit, further bloat the national debt, and run the risk of monetary inflation, all in order to achieve a rate of economic growth that is lower than that of the previous administration.
The Government Class may hate it, but tax competition is a feature, not a bug. What they call a “race to the bottom” is actually strategic pressure to hold governments in check. Attempts among state or national governments to coordinate tax policy should be seen for what it is—collusion to eliminate competition and unleash ever bigger government.
It was government policy that caused the inflation of the 1970s, and it’s government policy that is bringing inflation back today.
Kevin Brady can retire with the knowledge that he accomplished his number one policy goal: fundamental tax reform.
In FY2020, federal revenues were $3.42 trillion, but federal spending was $6.5 trillion. In other words, the federal government spent almost TWICE what it took in. That’s not sustainable.