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    Taxes | PGPF Fiscal Issue Primers

    Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.


    The Office of Management and Budget's Sequestration Report:An Analysis

    On September 14, 2012 the President's Office of Management and Budget (OMB) released a report detailing the effects of the automatic across-the-board spending reductions, known as sequestration, scheduled to take place next January 2. These cuts result from the failure of the bipartisan "Supercommittee," which was created by the Budget Control Act of 2011 (BCA), to agree on $1.2 trillion in deficit reduction. For 2013, OMB estimated that the sequestration would result in a:



The national debt threatens our economy — but there’s still time to secure our future. Learn more, and ask the 2016 candidates for their fiscal plan.


Video: Our tax code is complex, unfair, and insufficient. Learn more about the opportunity we have to reform and improve tax policy.