President’s Budget Would Reduce Deficits by Raising Taxes on the Wealthy and Corporations
While this budget would be a step in the right direction, it does not adequately address the underlying structural imbalance that defines our fiscal outlook.
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While this budget would be a step in the right direction, it does not adequately address the underlying structural imbalance that defines our fiscal outlook.
Income growth since 1979 is larger for high-income earners, even when including transfers and taxes.
https://www.pgpf.org/chart-archive/0059_income-growth-disparity
Between 1979 and 2016, income increased more quickly for high-income earners.
https://www.pgpf.org/chart-archive/0060_income-disparity-before-transfers-taxes
On average, Social Security benefits exceed Social Security taxes over an individual’s lifetime.
https://www.pgpf.org/Chart-Archive/0198_social_security_lifetime_benefits
In 2017, Congress and the President enacted the Tax Cuts and Jobs Act (TCJA), which made significant changes to the tax code for individuals and corporations.
https://www.pgpf.org/blog/2024/03/the-next-fiscal-cliff-big-tax-decisions-to-make-in-2025
Under the current policy scenario, the federal government is projected to run permanent primary spending deficits.
https://www.pgpf.org/analysis/government-accountability-office-fall-2012-budget-outlook
On average, Medicare benefits far exceed taxes over an individual’s lifetime.
https://www.pgpf.org/chart-archive/0197_Medicare_lifetime_benefits
Chairman Paul Ryan's budget aims to shrink the size of government to about 20 percent of gross domestic product (GDP) in 2015 and to 15 percent of GDP in 2050.
Under current spending and tax policies, federal debt would be on a path that climbs to about 200 percent of gross domestic product within 25 years, according to CBO.
Inflation and interest rates will have important impacts on the long-term federal budget outlook.