Tax Cuts Then and Now: The Debt Is Much Higher
The United States was in a more sustainable fiscal position when lawmakers previously enacted tax cuts.
Read MoreWhat Is a Wealth Tax, and Should the United States Have One?
Proponents of the wealth tax argue that it could help address rising wealth and income inequality while also generating revenues.
Read MoreBudget Resolution Relies on Overly Optimistic Assumptions About Discretionary Spending
Future discretionary spending cuts, which cannot technically be included in reconciliation bills, are difficult to achieve as credible offsets.
Read MoreWhat Are Refundable Tax Credits?
The cost of refundable tax credits has grown over the past several years, with the number and budgetary impact of the credits increasing.
Read MoreWhat Is the Primary Deficit?
The primary deficit is the difference between government revenues and spending, excluding interest payments. Learn more about the U.S. primary deficit.
Read MoreWhat Are Automatic Stabilizers and How Do They Affect the Federal Budget?
To better respond to business cycle fluctuations, many important programs in the federal budget automatically adjust spending based on economic conditions.
Read MoreChart Pack: Individual Taxes
A selection of key charts on individual income taxes in the United States and how they fit within the federal budget.
Read MoreEight of the Largest Tax Breaks Explained
Tax breaks totaled over $1.9 trillion in 2024. That’s more than the government spends on Social Security, defense, or Medicare and Medicaid.
Read More7 Key Charts on Tax Breaks
The United States lost an estimated $1.9 trillion in revenues through tax expenditures in 2024.
Read MoreLawmakers are Running Out of Time to Fix Social Security
Without reform, the combined Social Security trust funds will be depleted in 2035.
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