The US Government’s annual income pays for 89% of what it spends. That creates a $440 billion deficit.
The government projects taking in income of $3.654 TRILLION in FY2018! Where does the money come from?
Excise taxes by the way include gasoline taxes and tobacco taxes!
What do we spend our money on?
About $315 billion is spent on interest payments on our debt! Think about that for a moment. If we weren’t in debt, we would take in almost enough money to fund our government.
We obviously don’t have an income problem that needs to be solved with higher taxes. We have a spending problem. Any tax plans proposed by our ruling class are merely diversions from the reality of an out of control government that spends too much.