What are rescissions? Q.What are rescissions? A.The rescission process allows a president to avoid spending money on discretionary programs that has been appropriated by the Congress, but not yet obligated for the purchases of goods and services. Read more about What are rescissions?
How do US taxes compare internationally? Q.How do US taxes compare internationally? A.Total US tax revenue equaled 24 percent of gross domestic product, well below the 34 percent weighted average for other OECD countries.Total US tax revenue equaled 24 percent of gross domestic product, well below the 34 percent weighted average for other OECD countries. Read more about How do US taxes compare internationally?
How did the TCJA affect the federal budget outlook? Q.How did the TCJA affect the federal budget outlook? A.The Tax Cuts and Jobs Act cut taxes substantially from 2018 through 2025. The resulting deficits will add $1 to $2 trillion to the federal debt, according to official estimates. The debt increase will be larger if some of TCJA’s temporary tax cuts are extended. Read more about How did the TCJA affect the federal budget outlook?
