According to AI, tax revenues for 2026 are expected to be $5.6 trillion, which is a 6.9% increase from 2025. That should make it obvious that our deficit problem is not due to a lack of revenue, but an overabundance of spending. The basic root of the problem is that those in Washington had decided that the tax revenue is their money and does not belong to the taxpayers. That is one of many reasons they have been so reluctant to find corruption or hold people accountable for it.<\/p>\n
On Monday, CNBC<\/a> posted an article about the looming crisis in America that will be caused by our massive national debt.<\/p>\n The article reports:<\/p>\n When President Reagan cut taxes, the deficit soared. Why? Because as tax revenues increased, which they did, the Democrats in Congress increased the spending. What we need is for Congress to cut their spending, end the fraud in government programs, use some of the increased revenue to pay down our debt, and refund the taxpayers some of their own money.<\/p>\n The article notes:<\/p>\n Even with the potential leverage, however, some Democrats are taking a cautionary tone on the debt ceiling. Past debt ceiling standoffs, though not ending in default, have harmed the U.S.\u2032 credit standing. Fitch downgraded the U.S.<\/a> from AAA to AA+ after the last standoff, saying \u201crepeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management.\u201d<\/strong><\/p>\n Rep. Richard Neal<\/a>, D-Mass., the top Democrat on the House Ways and Means Committee, said Democrats \u201calways want to consider responsible financing.\u201d<\/strong><\/p>\n \u201cBut I think that we need to remember that the tax cut in 2017 and the tax cut last year, it\u2019s contributing mightily to this problem,\u201d Neal said.<\/strong><\/p>\n Neal also added the caveat that \u201cplaying with this thing is dangerous.\u201d<\/strong><\/p>\n \u201cWe\u2019d have to have an open conversation about it,\u201d Neal said when asked what Democrats would want in exchange for raising the debt ceiling. \u201cI know we don\u2019t want debt default.\u201d<\/strong><\/p>\n That is spin. The tax cuts have increased revenue–not decreased it.<\/p>\n","protected":false},"excerpt":{"rendered":" According to AI, tax revenues for 2026 are expected to be $5.6 trillion, which is a 6.9% increase from 2025. That should make it obvious that our deficit problem is not due to a lack of revenue, but an overabundance … Continue reading \n