Budget Basics: Tax Expenditures
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
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Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
On November 10, 2023, Moody’s Investors Service lowered its outlook on the United States’ credit rating from “stable” to “negative.”
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for January 2024.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-january-2024
Tax breaks totaled over $1.8 trillion in 2023. To put that in perspective, that’s more than the government spends on Social Security, defense, or Medicare and Medicaid.
https://www.pgpf.org/blog/2023/12/eight-of-the-largest-tax-breaks-explained
Interest costs on the national debt are expected to rapidly outstrip spending on children in coming years.
https://www.pgpf.org/blog/2023/12/how-much-government-spending-goes-to-children
In FY23 the federal government officially incurred a budget deficit of $1.7 trillion — about $320 billion higher than last year's amount.
https://www.pgpf.org/blog/2023/12/americas-underlying-deficit-doubled-in-fiscal-year-2023
The U.S. is experiencing an unusual and concerning phenomenon — the annual deficit is high even though the unemployment rate is low.
https://www.pgpf.org/blog/2023/12/why-is-the-federal-deficit-high-if-unemployment-is-low
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for December 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-december-2023
“As the national debt races toward $34 trillion, policymakers remain mired in short-term budget battles that do nothing to improve our fiscal outlook,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/11/fci-press-release
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for November 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-november-2023