Tax breaks totaled over $1.8 trillion in 2023. To put that in perspective, that’s more than the government spends on Social Security, defense, or Medicare and Medicaid.
A new paper from Manhattan Institute’s Brian Riedl examines ways to raise revenue from high-income Americans.
CBO now expects interest rates over the next two years to be higher than previously anticipated, according to new data released on December 15.
Interest costs on the national debt are expected to rapidly outstrip spending on children in coming years.
There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.
Social Security is an essential program for millions of Americans, but it’s at risk if lawmakers fail to take action to reform the program.
The end of 2023 marks another year that the country has failed to improve its daunting fiscal outlook.
In FY23 the federal government officially incurred a budget deficit of $1.7 trillion — about $320 billion higher than last year's amount.
The U.S. is experiencing an unusual and concerning phenomenon — the annual deficit is high even though the unemployment rate is low.
Here we analyze the extent to which more funding impacts tax compliance, the tax gap, and federal revenues.