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The Social Security Board of Trustees has been warning for years that the program faces funding shortfalls. In April, they released their annual report on the trust funds that finance the program.
The Internal Revenue Service (IRS) had issued 159 million direct payments to Americans — totaling nearly $267 billion — to help mitigate the financial burden of the COVID-19 pandemic.
https://www.pgpf.org/blog/2020/09/how-many-coronavirus-stimulus-checks-have-been-sent-out-so-far
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the latest data for Fiscal Year 2019, charted out monthly and on a year-over-year basis.
Tax breaks totaled nearly $1.5 trillion in 2019. To put that in perspective, that’s more than the government spends on Social Security, defense, or Medicare.
https://www.pgpf.org/blog/2020/08/eight-of-the-largest-tax-breaks-explained
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
https://www.pgpf.org/budget-basics/how-does-social-security-work
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.
Most working Americans are subject to payroll taxes, which are usually deducted automatically from an employee’s paycheck. Employers are also often subject to these types of taxes.
https://www.pgpf.org/budget-basics/budget-explainer-payroll-taxes
Following the 2017 tax reform, the federal statutory corporate tax rate in the United States is now more in line with many other OECD countries.
https://www.pgpf.org/chart-archive/0273_statutory_corporate_income_tax_rates
Overall, coronavirus relief legislation is expected to widen the gap between federal outlays and revenues — increasing federal deficits by $2.4 trillion over the next decade.
One issue that most lawmakers and voters agree on is that our tax system needs reform.
https://www.pgpf.org/infographic/infographic-how-the-us-tax-system-works