Taxes Funding Debt: A Growing Burden
Salt Lake City News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
As Americans file their taxes, theyre seeing bigger refunds, but a closer look reveals a concerning trend: a significant portion of their tax dollars is going towards interest on the national debt. Currently, interest payments account for 18.5% of total federal revenues and 36% of individual income taxes, the highest share since 1991. Projections show this will only worsen by 2036, with over one in four revenue dollars covering debt interest and half of income tax money going the same way. Defense spending could drop to just 13.3% of revenues. While tax cuts have led to economic growth and higher wages, the fiscal gap continues to widen, with spending outpacing the economy most years over the next decade. Deficits hit $1.8 trillion last fiscal year and could reach $3 trillion by 2036. Without bold reforms to big programs like Social Security and Medicare, and smarter revenue options, this debt mountain will keep growing and crowd out everything else we value.
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