Costs of Delaying Fiscal Reform
Waiting to act raises the cost of stabilizing the debt.
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Waiting to act raises the cost of stabilizing the debt.
The federal debt is on an unsustainable path
Following the 2017 tax reform, the federal statutory corporate tax rate in the United States is now more in line with many other OECD countries.
https://www.pgpf.org/chart-archive/0273_statutory_corporate_income_tax_rates
As a share of GDP, the U.S. corporate income tax revenue is the lowest among G7 countries.
Eight popular tax provisions accounted for a large majority of annual tax expenditures.
https://www.pgpf.org/chart-archive/0009_largest-tax-expenditures
The top 1 percent of taxpayers generate 30 percent of individual income tax revenues.
The top 1 percent of taxpayers receive 19 percent of the benefit from individual income tax expenditures.
Lawmakers have enacted a total of 128 continuing resolutions over the past 25 fiscal years.
https://www.pgpf.org/chart-archive/0228_continuing_resolutions