EARTH FUTURE ACTION

TAX CUTS RAISE U.S. DEBT BY $10 TRILLION

On October 20, 2023, The U.S. Treasury Department released new figures showing a significant plunge in the nation's tax revenue compared to GDP. Despite the growing economy at the time, there has been a 16.5% drop. The tax cuts given to the wealthy by former Presidents Bush and Trump have slowly increased the national debt by around ten trillion dollars, leaving the poor to pay what the rich have not. The enactment of these tax cuts is responsible for 57% of the increase since 2001, but removing the cost of one-time bills related to The Great Recession and COVID-19, it rises to a 90% increase. "If not for those tax cuts, U.S. debt would be declining as a share of the economy," said Sen. Sheldon Whitehouse (D-R.I.) in a press release. "Fixing our corrupted tax code and cracking down on wealthy tax cheats would help bring down the deficit. It would also ensure teachers and firefighters don't pay higher tax rates than billionaires, level the playing field for small businesses, and promote a stronger economy for all." Whitehouse offered as a solution to the current situation.