Independent analyses agree unanimously that either bill would add significantly to the growing national debt.
The total cost of the Tax Cuts and Job Act is estimated to be $1.7 trillion between 2018 and 2027.
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.
The bill as written would move up the date we return to trillion dollar deficits by two years, to 2020.
Lawmakers should pursue policies that don’t make our fiscal outlook even worse.
The federal budget deficit rose to $666 billion for fiscal year 2017 — an increase of around $80 billion from the previous year.
Lawmakers unveiled a tax overhaul framework recently, outlining a number of changes to individual and corporate taxes.
The official poverty rate in 2016 was 12.7%, down from 13.5% in 2015 — bringing it back to pre-recession poverty levels.
Lawmakers have unveiled a tax overhaul framework, outlining a number of changes to individual and corporate taxes.
Debates over the debt ceiling and government shutdowns can be confusing, particularly in years when lawmakers must fund the government and raise the debt limit around the same time.