"The US government's budget deficit stood at
$305 billion in October and
November, the first two months of fiscal 2019, compared with
$202
billion in the same period a year earlier, according to Treasury
Department figures. A shift in the timing of some payments and lower
receipts from individual taxpayers due to the tax cuts earlier in the
year are cited as factors contributing to the increase." Retirement Security SmartBrief 12/17/18. Source:
The Wall Street Journal article by Kate Davidson.
"A strong economy typically leads to narrower deficits, as rising
household income and corporate profits help boost tax collections, while
spending on safety-net programs tends to decline. But that isn’t
happening now, primarily because of the tax cuts."
"
The federal budget deficit is projected to hit $1 trillion in the
current fiscal year, up from $779 billion in the previous fiscal year, "
according to the White House and the Congressional Budget Office (CBO).
What does the future hold for taxpayers, our children and grandchildren? "Overall, federal deficits are projected to rise in the coming years as
spending on programs such as Medicare and Social Security grows and
interest costs rise."
Aren't you glad you got a tax cut this year? Maybe you should use it as a down payment against your child's future.
No comments:
Post a Comment