Share on facebook
Share on twitter
Share on linkedin
Share on email

$5 Trillion Of Taxes Is Not Enough For Biden

Just-released data from Biden’s own Treasury Department find that for Fiscal year 2022 federal tax revenues reached an all-time high of $4.89 trillion. As a share of GDP, these revenues were at or near an all-time peak as well. It turns out that the Trump tax cuts virtually paid for themselves with a more efficient tax code – lower rates and a broader base.

That’s the good news. The bad news is that even with this surge in tax collections the federal government STILL managed to run a $1.2 trillion deficit – one of the largest In history. (Biden actually is boasting that he LOWERED the deficit – which is true only because his first year in office created a tidal wave of red ink exceeding $2 trillion.).

Thanks to Biden’s spending spree the total outlays for 2022 were a world record $6.72 trillion.

All we have to do to balance the budget is cut government spending to $5 trillion – which would still be more spending than any other government has spent in history. Is this really so hard?

SUBSCRIBE TO THE
Unleash Prosperity Hotline

 

1155 15th St NW, Ste 525
Washington, DC 20005