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.
The U.S. spent $820 billion on national defense during fiscal year (FY) 2023 according to the Office of Management and Budget, which amounted to 13 percent of federal spending.
https://www.pgpf.org/budget-basics/budget-explainer-national-defense
With the national debt at $26 trillion and counting, the nation’s fiscal health is a key issue for the 2020 campaign.
They are burdened by record student debt. They are entering the workforce during a time of unprecedented economic uncertainty, in a nation with crumbling infrastructure, a climate in crisis, and rising inequality.
As policymakers consider how best to address our looming fiscal challenges, there is a growing debate about whether the U.S. can reduce defense spending without jeopardizing its national security.
The United States spends more on defense than the next 9 countries combined.
Our most popular charts from 2016 illustrate the nation's fiscal challenges in areas like defense spending, healthcare, and tax reform.
https://www.pgpf.org/blog/2016/12/top-7-fiscal-charts-from-2016
The U.S. has historically devoted a larger share of its economy to defense than other members of the G-7.
Compensation and medical care make up about 40 percent of the defense budget.
https://www.pgpf.org/chart-archive/0216_compensation_defense_budget
Defense spending is projected to stay below its historical share of GDP.