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FEDERAL TAXES and BUDGET . . . related to the ECONOMY

AS OF 2019

  • The US annual 2018 budget outlay is 4.1T and the annual revenues are 3.3T

  • "It has reported that large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 78 percent of gross domestic product (GDP) in 2019 to 144 percent by 2049.[1] The United States has the largest external debt in the world and the 14th largest government debt as % of GDP in the world." from Wikipedia

  • The deficit, driven by the 2017 tax cut, is growing exponentially. Deficits are the shortfall -- spending more than you have.

  • Debt is money you have borrowed and need to pay back, with interest.The US debt is scheduled to grow more than 50% under Trump. That means that interest payments (often to foreign governments) will increase as a percent of the budget

  • Corporate tax receipts for the Federal government are at a 75 year low

  • The individual part of the 2017 tax cut is scheduled to expire in 2025. Corporate tax cuts do not expire.

  • The wealthiest 20% received 66% of the tax cut benefit in the first year. By 2027, the benefit will grow to 83%

  • Income inequality is at an all time high

  • The stock market is at an all time high. 51% of Americans have zero invested in the stock market. Some 35% of Americans have indirect ownership in stock through a 401K etc, Only 14% of Americans own stock directly. 15% of the US stock market is owned by foreigners. The growth in the stock market has no impact on many of us.