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The decline in purchasing power has important implications for the federal budget and our nation’s infrastructure, and has led some to call for a new effort to address the gas tax.
Significant damage was done to America’s fiscal outlook over the past year.
Programs that millions of Americans depend on and care about may be feeling a squeeze from interest costs on our high and rising national debt.
The dust has barely settled on the midterm elections, but there are a number of key fiscal issues not only facing the current Congress in coming weeks, but also awaiting the new Congress, which will convene in early 2019.
Last year's tax cuts have had significant implications for the federal budget, our economy, and every family and business in the country.
https://www.pgpf.org/blog/2018/10/five-things-that-we-have-learned-since-the-tax-cuts-were-enacted
Revenues in 2018 didn’t even keep up with inflation, much less growth in nominal gross domestic product.
https://www.pgpf.org/blog/2018/10/its-rare-for-revenue-growth-to-be-this-weak
Corporate tax receipts dropped by 31 percent in 2018 — an unprecedented decline during a time of economic growth. The Tax Cuts and Jobs Act is responsible for the plunge.
Following recent tax reform, the statutory corporate tax rate in the United States is now below that of many other OECD countries
https://www.pgpf.org/chart-archive/0273_statutory_corporate_income_tax_rates
High-income households earn a disproportionate share of pre-tax income and pay an even larger share of total federal taxes.
The U.S. tax system is progressive, with higher-income taxpayers facing higher tax rates.
