Tax Reform
Tax reform done right would promote economic growth, make our fiscal outlook more sustainable, reduce the complexity and burden of compliance, and increase the system’s transparency and fairness.
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Tax reform done right would promote economic growth, make our fiscal outlook more sustainable, reduce the complexity and burden of compliance, and increase the system’s transparency and fairness.
The U.S. spent $820 billion on national defense during fiscal year (FY) 2023 according to the Office of Management and Budget, which amounted to 13 percent of federal spending.
https://www.pgpf.org/budget-basics/budget-explainer-national-defense
Here are principles for reform to help ensure that our budget process is conducive to fiscally responsible policymaking.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for April 2024.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-april-2024
Soaring from $255 billion in 2016 to $830 billion in 2026.
https://www.pgpf.org/blog/2016/02/chart-of-the-week-net-interest-costs-on-national-debt-to-rise
What is a balanced budget amendment to the Constitution, and how would it work in practice?
https://www.pgpf.org/budget-basics/balanced-budget-amendment-pros-and-cons
The Peterson Foundation has prepared analysis based on those reports, illustrating the key data points with pertinent chart information.
https://www.pgpf.org/blog/2015-social-security-medicare-trustees-reports-charts-and-analysis
America faces many critical questions about its future. As we continue to confront a global pandemic with devastating impacts on our health, economy and society, an effective federal response is necessary to help address critical needs and get our economy back on track.
https://www.pgpf.org/what-does-the-national-debt-mean-for-americas-future
As a large portion of the American population lives well beyond retirement age, the total cost of providing healthcare will grow as well.
https://www.pgpf.org/blog/2024/05/how-does-the-aging-of-the-population-affect-our-fiscal-health
Interest costs are on track to become the largest category of spending in the federal budget.
https://www.pgpf.org/budget-basics/what-are-interest-costs-on-the-national-debt