FISCAL BLOG

While deficits will decline over the next few years as the pandemic wanes and the economy recovers, the nation will remain on an unsustainable fiscal trajectory due to a structural mismatch between spending and revenues.

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President Biden’s recently released budget for fiscal year 2022 shows new details for his proposed American Jobs Plan — a nearly $2.6 trillion package aimed at addressing a range of issues, including transportation and other infrastructure, climate change, caregiving, and housing.

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As the Biden administration and a bipartisan group lawmakers discuss a range of infrastructure investments, vast majorities of voters — including Democrats and Republicans — are calling on leaders to pay for their priorities.

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The step-up in basis is a provision in tax law that relates to how assets — such as stocks, bonds, or real estate — are valued and taxed after their owner passes away.

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President Biden’s request for discretionary funding for next year (fiscal year 2022) would substantially increase funding for nondefense programs, particularly in the Departments of Education, Health and Human Services, Housing and Urban Development, and Veterans Affairs.

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While the capital gains tax affects anyone selling a capital asset, higher-income individuals are typically subject to the tax more so than average Americans.

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The United States currently faces a range of complex challenges including deteriorating infrastructure, a changing climate, and an inadequate system of education.

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When most Americans think about businesses in this country, the word “corporation” may come to mind — but the truth is that the vast majority of businesses in the United States are not structured as traditional corporations, but as pass-through entities.

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The COVID-19 pandemic has led to a considerable increase in spending — but our long-term debt was already on an unsustainable path.

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The President’s budget for fiscal year 2022 calls for a large increase in nondefense discretionary spending next year as well as substantial spending for infrastructure and social programs over the upcoming decade.

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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.