Lost in the discussion about how tax cuts will affect the national debt is an understanding of what the debt situation already looks like before tax cuts are factored in. Here is a quick and simple look at where we are, where we are heading, and how tax cuts could affect the outlook. In short, tax cuts that add to the debt will make an already dreadful state of affairs even worse.
There has been a great deal of action lately on matters affecting deficits and debt and much still in the works as policymakers rush to meet some deadlines at the end of the year. Tax cuts are now at the top of the agenda, but there is a lot more on Washington’s plate. Here’s your fix for the latest developments on the federal budget and national debt.
In the mood for a creepy story? We have one for you, derived from a popular TV show.
The great tax debate is now underway with Congress beginning to consider tax legislation. Help us tell your members of Congress to enact real tax reform that does not add to the national debt.
Congress finally passed a federal budget for fiscal year 2018, more than three weeks after the fiscal year began. But the budget does nothing to put the national debt on a downward path. Instead, the debt could explode due to unpaid-for tax cuts that the budget facilitates.
National Debt and You