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Americans For Prosperity Americans for Prosperity (AFP) and Americans for Prosperity Foundation (AFP Foundation) are committed to educating citizens about economic policy and mobilizing those citizens as advocates in the public policy process. AFP is an organization of grassroots leaders who engage citizens in the name of limited government and free markets on the local, state and federal levels. The grassroots members of AFP advocate for public policies that champion the principles of entrepreneurship and fiscal and regulatory restraint.

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Tax revenue increased; the federal deficit ballooned. Washington, we have a spending

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Unread 11.07.19, 05:02 AM
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Tax revenue increased; the federal deficit ballooned. Washington, we have a spending

11.06.19 10:22 AM

According a*Treasury Department report*published last week, taxes paid by businesses increased 12%, to $230 billion this year.*Overall, federal revenue increased by 3.8% from last year.** Meanwhile, the deficit*ballooned*by 26.4%, from $779 billion to $984 billion. We’re right on the edge of digging ourselves into*even greater*debt*at*a rate of*$1 trillion per year.* So, what happened?*If we took in more money, how did our deficit get so much larger?* Washington, we have a spending problem.** *Myth: Busted* Critics of the Tax Cuts and Jobs Act*of 2017*point to tax cuts as the culprit. They claim that cutting taxes increased the deficit, putting us on a much faster debt trajectory.* That narrative*doesn’t accurately describe*what’s really happening. From FY2017 to FY2019, federal revenue taken in by the Treasury Department*grew, albeit*slightly, even with the tax cuts.* Spending grew, as well — but far faster. From 2017 to 2019, spending shot up*12%, a $465 billion increase.** That should tell critics of tax reform something significant about federal spending. The treasury can take in more money from taxpayers and still widen the deficit by more than $200 billion in a single year.* Take a closer look at how Washington spends money, and you’ll understand how.* *What’s the deal with […]

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