We keep being told people don’t pay enough federal income taxes. The facts don’t support that claim. We have deficits when government spending exceeds tax receipts. Our recent deficits are NOT because of a lack of tax receipts, they are because our elected officials spend too much money.
In FY 2020 we were told ann increase in the annual federal budget was needed because of COVID-19. The problem is the annual federal budget has not returned to pre-COVID-19 spending levels since FY 2020.
FY 2019: $4.446 Trillion [Pre-COVID 19]
FY 2020: $6.553 Trillion
FY 2024: $6.940 Trillion
FY 2025: $7.265 Trillion
I shared observations of the annual federal budget because I want President-Elect Trump and Congress to have the courage to dramatically decrease the annual federal budget to pre-pandemic levels with a reasonable allowance for inflation.
I would suggest an annual federal budget of $5.653 Trillion. Excessive spending and repeated annual deficits will destroy our economy. The federal government does NOT need to spend $2 trillion more per year than we did in FY 2019.