Where taxes came from in 2020
The federal government collects revenue from a variety of sources.
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The federal government collects revenue from a variety of sources.
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
“In order to truly help our economy, infrastructure investments must be paid for, because adding more debt hurts our economy," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
“Our economy is grappling with very high levels of inflation and probable interest rate hikes, all on the back of our runaway national debt which hit a staggering $30 trillion this month,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2022/02/fci-press-release
Prior to the Great Depression deficits were unusual in the U.S. Budget. Surpluses occurred in about two-thirds of the years between 1800 to 1929.
https://www.pgpf.org/chart-archive/0023_federal-deficit-surplus
U.S. dependency on foreign lenders to finance the public debt has risen sharply.
https://www.pgpf.org/chart-archive/0057_foreign-holders-debt
Recessions and countercyclical policies generally increase deficits, but deficits tend to diminish during and after recoveries.
https://www.pgpf.org/chart-archive/0307_deficits_and_recessions
Medicare and Medicaid account for the majority of federal healthcare spending
https://www.pgpf.org/chart-archive/0169_federal_health_spending_composition
Americans continue to show high levels of concern about our nation’s long-term debt, according to the Peter G. Peterson Foundation's latest Fiscal Confidence Index.
https://www.pgpf.org/press-release/2013/04/fci-press-release