Facts on the U.S. budget deficit and income taxes
The US has a budget deficit because the government spends more than it receives. Deficits have continued in Republican and Democratic administrations. Deficits can be reduced by increased taxes or decreased spending or both. This letter provides facts about taxing only the wealthy. The definition of wealth in this letter is taxpayers reporting over $500,000 of Adjusted Gross Income (AGI). Tax statistics are not provided for taxpayers over $400,00 of AGI. US Budget Totals for 2021 (the latest year reported) 2021 US Receipts $4,047,000,000,000 2021 Outlays (payments) ...