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Discretionary spending was restricted for 2024 and 2025 as part of the most recent debt ceiling agreement. However, House conservatives are pushing for deeper cuts and more reforms in appropriations legislation for the coming fiscal year (2024). According to Kay Granger, the chair of the House Appropriations Committee, 'the debt ceiling bill set a ceiling, not a floor' for spending in 2024.
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Some claim that this is not a tax because of definitional difficulties, yet it seems appropriate to term it a tax when government action transfers wealth from a group of people to themselves.
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The federal tax code is still a major source of anger and debate among Americans and a barrier to economic growth and opportunity. Other countries, like Estonia, have shown that taxes can be collected in a less stressful and more effective way and still bring in enough money.
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Government currency monopolies…can thus be understood as part of the tax system [and reflect] the preference of the fiscal authorities.
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So, recession it is, right? Not so fast.
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It's not a secret that people who make a lot of money try to hide it from the IRS. How and where they do it, though, is often a secret.
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Prices tell us important things about how our economy is doing.
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'The Earth speaks to us through the elements of nature. In every natural thing, we can find a hidden, powerful message.' —Ralph Waldo Emerson
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Federal tax revenues are approaching the highest levels in U.S. history, which were reached during World War II and again during the dot-com boom of 2000. In FY 2022, federal spending hit 25% of GDP, a level only surpassed during the height of the pandemic in 2020 and 2021 and World War II.
Discretionary spending was restricted for 2024 and 2025 as part of the most recent debt ceiling agreement. However, House conservatives are pushing for deeper cuts and more reforms in appropriations legislation for the coming fiscal year (2024). According to Kay Granger, the chair of the House Appropriations Committee, 'the debt ceiling bill set a ceiling, not a floor' for spending in 2024.
