Here we examine that increase in funding in greater detail by analyzing the extent to which more funding impacts tax compliance, the tax gap, and federal revenues.
Today, the Biden Administration released its budget for fiscal year 2024, calling for a reduction in federal deficits by $2.9 trillion over the next decade relative to current law.
Tax breaks totaled over $1.7 trillion in 2022. To put that in perspective, that’s more than the government spends on Social Security, defense, or Medicare.
Responsible fiscal policy can play an important complementary role to monetary policy in helping to moderate inflation.
Earlier this year, the United States once again hit its debt ceiling, which is currently capped at $31.4 trillion.
There are three widely used measures of federal debt. What are the important differences between these measurements?