Inflation, Interest Rates, and the Budget: New Challenges, Old Solutions
Inflation and interest rates will have important impacts on the long-term federal budget outlook.
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Inflation and interest rates will have important impacts on the long-term federal budget outlook.
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
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for December 2022.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-december-2022
Over the next several weeks, as the President and Congress confront the "fiscal cliff," they will have a big opportunity to make the right choice.
Gridlock "means ever rising debt as a share of GDP, the prospect of economic turmoil, and lower living standards than otherwise for our children and grandchildren," writes G. William Hoagland.
"The purpose of electing people to public office is to govern — to make the tough choices, to take the risks, to resolve differences and to enact policies that strengthen the nation," writes Leon E. Panetta.
As a share of GDP, the U.S. corporate income tax revenue is the lowest among G7 countries.
Eight popular tax provisions accounted for a large majority of annual tax expenditures.
https://www.pgpf.org/chart-archive/0009_largest-tax-expenditures
The top 1 percent of taxpayers generate 30 percent of individual income tax revenues.