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The federal deficit this year is the biggest in U.S. history, excluding years when there were pandemics.
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The current federal budget deficit and the accumulated debt result from Congress spending more than they are willing to raise in taxes.
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The greatest source of money for the federal government is the individual income tax. For tax year 2020, the third one under the modifications introduced by the Tax Cuts and Jobs Act (TCJA), taxpayers submitted more than 164 million individual income tax returns.
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The American Families and Jobs Act, a package of three new tax bills proposed by House Republicans, would, among other things, limit many recently enacted green energy tax credits, create a bonus standard deduction for individuals through 2025, and temporarily extend a number of business provisions from the Tax Cuts and Jobs Act (TCJA). These provisions include 100 percent expensing for equipment and research and development (R&D) investments through the end of 2025.
The federal deficit this year is the biggest in U.S. history, excluding years when there were pandemics.
