House Tax Bill Adds $1.7 Trillion to Deficits When You Include Interest
The bill as written would move up the date we return to trillion dollar deficits by two years, to 2020.
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The bill as written would move up the date we return to trillion dollar deficits by two years, to 2020.
An analysis of the findings, and the official Foundation statement from President and CEO Michael A. Peterson.
https://www.pgpf.org/blog/pgpf-analysis-statement-on-cbo-january-2016-budget-economic-outlook
With our economy in recovery, the national debt rising unsustainably, the country still grappling with a devastating pandemic, and lawmakers pursing significant new legislation, America faces many critical questions for its future. To shed light on the best way forward, two top economists participated in a panel discussion as part of the latest edition of the Peterson Foundation Economic Forum.
This past weekend's edition of PBS TV's "The Open Mind" welcomed PGPF President and CEO Michael A. Peterson for a half-hour interview.
https://www.pgpf.org/blog/michael-peterson-interview-on-pbs-the-open-mind
While nearly all Americans pay taxes, the composition of the type of taxes paid is very different for taxpayers at various points in the income distribution.
https://www.pgpf.org/blog/2020/07/how-does-the-tax-system-work
Under current law, the U.S. budget deficit will exceed $1 trillion each year beginning in 2022 and total $11.4 trillion over the upcoming decade.
Although a return to a normalized interest environment is a good sign for the strength of the economy, rate increases will make it more expensive to borrow.
Budget process rules like PAYGO help ensure that fiscal considerations are an important part of policymaking.
https://www.pgpf.org/blog/2019/01/the-house-is-returning-to-PAYGO
Lawmakers should pursue policies that don’t make our fiscal outlook even worse.
https://www.pgpf.org/blog/2017/10/tax-cuts-then-and-now-the-debt-is-much-higher
The IMF raises concerns that progress on important fiscal issues is being hampered by political dysfunction in Washington.