The United States is a low-tax country. That’s true for individuals and for corporations, and it’s true whether you compare us to other countries or the America of the past. No matter how you slice it the conclusion is the same.
Conservatives like to claim that our budget deficits are purely a “spending problem.” Said Senate Minority Leader Mitch McConnell (R-KY): “We don’t have this problem because we tax too little. We have it because we spent too much.”
It’s a popular talking point, but it simply isn’t true. Deficits do not stem from spending levels alone. They are the product of a mismatch between spending and revenue. And when revenue is as low as ours is, you end up with big deficits.
Here are 10 charts demonstrating the simple, clear truth that federal taxes in the United States are very low.
Donald Trump made a surprise announcement doubling tariffs on imported steel and aluminum from 25% to...
Procter & Gamble will cut up to 7,000 jobs, or approximately 6% of its global workforce,...
