Composition of Revenues 1981 - 2031
Most federal revenues come from individual income and payroll taxes
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Most federal revenues come from individual income and payroll taxes
A large, comprehensive plan that addresses our long-term structural deficits is clearly the best way forward for America’s future economy. However, more modest proposals, which would begin to take meaningful steps towards putting our debt on a sustainable path, would also be worthwhile.
https://www.pgpf.org/budget-basics/budget-conference-committee-fiscal-options-are-available
Unlike during other recessions, revenues from the capital gains tax have remained relatively steady throughout the COVID-19 pandemic.
https://www.pgpf.org/chart-archive/0317_capital_gains_revenues
With our economy in recovery, our debt rising unsustainably, and our nation still grappling with a devastating pandemic, America faces many critical questions for its future. Where do we go from here?
CBO projects that, on our current path, the deficit will reach nearly $1 trillion next year and will total $12.4 trillion over the ten-year period from 2019.
https://www.pgpf.org/analysis/2018/04/cbo-report-outlines-dramatically-worse-fiscal-outlook
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for June 2021.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-june-2021
Here's a breakdown of the major programs in the American Rescue Plan and how much they cost.
https://www.pgpf.org/infographic/whats-in-the-american-rescue-plan
The Trustees urge lawmakers to enact legislation soon to put Medicare on a sustainable path.
The lack of a long-term solution for federal funding for transportation creates uncertainty, which is disruptive for the planning of construction projects.
https://www.pgpf.org/budget-basics/more-stop-and-go-financing-of-highway-trust-fund