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?