This is part of our educational blog series, “The Short Form,” to simplify taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
issues and explore the world through the lens of tax policy. Learn more about taxes with TaxEDU.
issues and explore the world through the lens of tax policy. Learn more about taxes with TaxEDU.
The U.S. is among the most indebted countries in the world—and the problem is only getting worse.
The federal government’s debt is currently $33 trillion and annual deficits just reached the highest in U.S. history outside of the pandemic years (at nearly $2 trillion). Not only are we spending more than we’re taking in, but the long-run growth in our spending is outpacing the growth in our revenue.
If the lessons from other countries dealing with similar problems are any indication, fixing this problem is going to require a combination of spending cuts…
