In order to balance our budget and reduce the amount of debt the government takes on each year, we must match the level of government revenues with the level of spending.
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Why Reform Our Corporate Tax Code?
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.
A large, comprehensive plan that addresses our long-term structural deficits is clearly the best way forward for America’s future economy. However, more modest proposals, which would begin to take meaningful steps towards putting our debt on a sustainable path, would also be worthwhile.
CBO projects that federal debt will climb to 141 percent of GDP within 30 years — exceeding the highest level of debt ever recorded at the end of World War II by a large margin.
"Today’s CBO report confirms that the era of declining deficits is over," according to Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today after the White House released the outline of President Trump’s tax plan.
"Passing a bill to our kids is not the right way to pass a bill. This legislation is an example of fiscal irresponsibility," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
"Like the House bill, the Senate proposal includes reforms that are neither permanent nor paid for, both of which impede the objective of growing the economy," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
"This tax legislation is increasingly irresponsible from a fiscal standpoint," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.