Taxes Can Help Reduce Disparities
Federal taxes and transfers can help reduce disparities in income.
https://www.pgpf.org/chart-archive/0233_taxes-reduce-disparities
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Federal taxes and transfers can help reduce disparities in income.
https://www.pgpf.org/chart-archive/0233_taxes-reduce-disparities
High income individuals receive a greater portion of their income from capital gains
https://www.pgpf.org/chart-archive/0316_capital_gains_income_group
The share of total pre-tax income has sharply increased for the wealthy, but decreased for low-income households.
“The most important takeaway from today’s CBO report is that interest costs are higher, adding to an already unsustainable fiscal outlook," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Health expenditures of state and local governments are projected to crowd out non-health spending.
Healthcare costs in the U.S. have increased drastically over the past several decades.
The U.S. tax system is progressive, with higher-income taxpayers facing higher tax rates.
Waiting to act raises the cost of stabilizing the debt.
Federal debt is already at its highest level as a percentage of GDP since 1950 and would exceed its all-time high by 2034 under current law.
https://www.pgpf.org/analysis/2018/07/cbo-warns-historic-debt-levels-threaten-economy