FISCAL BLOG

Did you know that the federal government is the direct lender for nearly all student loans in the U.S., lending trillions of dollars to millions of borrowers to help increase access to higher education?

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President Biden, speaking from the White House today, highlighted deficit reduction as a key way to relieve inflationary pressure and put our nation on a more sustainable economic path.

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The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy. The largest sources of revenues are individual income taxes and payroll taxes.

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In 2020, as the coronavirus (COVID-19) pandemic took hold, 28 million people — or 8.6 percent of the population — were uninsured.

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Healthcare in the United States is very expensive — but we don’t get what we pay for.

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Some lawmakers favor substantial increases to marginal tax rates. Let’s look at how marginal tax rates and brackets work.

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In the coming years, it will be important for policymakers to look for ways to ensure that life-saving and life-improving medications are affordable and available for Americans, and at the same time, ease pressure on our unsustainable fiscal outlook.

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The benefits from tax breaks do not flow equally to households of different income levels.

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In an important acknowledgement of our nation’s unsustainable fiscal outlook, the President’s budget for fiscal year 2023 proposes to reduce deficits by $1 trillion over the next decade relative to current law.

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The statutory tax rate is the percentage imposed by law; the effective tax rate is the percentage of income actually paid by an individual or a company after taking into account tax breaks.

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What Does the Debt Mean for Our Future?

We all have a responsibility to build a brighter fiscal and economic future for the next generation.

National Debt Clock

See the latest numbers and learn more about the causes of our high and rising debt.