Government spending is happiness.
https://rollcall.com/2023/04/26/trillion-dollar-deficits-bidens-new-normal/
According to the CBO, Biden is going to match Trump’s addition to the national debt in just three years, reaching a total of $7.1 trillion over his four years. That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. If Biden’s 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined. House Republican leaders have made clear his budget isn’t going anywhere; but it illustrates just how out of control Biden’s spending policies really are.
Individual income tax revenues were over $2 trillion in 2021 and 2022 for the first time — a 64 percent increase in 2022 over 2020. Contrary to Biden’s constant complaint that business doesn’t pay its fair share, revenues from corporate income taxes in 2022 were over $400 billion, also for the first time, and an increase of 101 percent over 2020.
https://rollcall.com/2023/04/26/trillion-dollar-deficits-bidens-new-normal/
Biden’s add to the national debt outdoes Trump
According to the CBO, Biden is going to match Trump’s addition to the national debt in just three years, reaching a total of $7.1 trillion over his four years. That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. If Biden’s 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined. House Republican leaders have made clear his budget isn’t going anywhere; but it illustrates just how out of control Biden’s spending policies really are.
Yearly federal revenues increased 43 percent in two years
In dealing with the debt and deficit, President Biden has had the advantage of a 43 percent increase in federal tax receipts from 2020 to 2022, thanks to the 2017 Tax Cuts and Jobs Act. In 2020, federal income tax revenues were $3.4 trillion. In 2022, they increased to a record $4.8 trillion. Revenues from both individual income taxes and corporate income taxes were the highest they have ever been.Individual income tax revenues were over $2 trillion in 2021 and 2022 for the first time — a 64 percent increase in 2022 over 2020. Contrary to Biden’s constant complaint that business doesn’t pay its fair share, revenues from corporate income taxes in 2022 were over $400 billion, also for the first time, and an increase of 101 percent over 2020.
