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read more The federal budget deficit widened in the fiscal year 2017 to the sixth highest on record, creating a budget shortfall of 6 billion.
The overspend resulted primarily from an increase in spending for Social Security, Medicare, and Medicaid, as well as higher interest payments on the debt due to rising rates that drove up outlays to trillion, which was 3% higher than the previous fiscal year.
That means cutting taxes, eliminating loopholes and reducing spending. Without such cuts, the economic boost from lower taxes would be more than offset by spiking debt service payments on the record amount of outstanding debt. Now we have that same foreboding number 666; this time regarding the amount of red ink during the 2017 fiscal year. Nevertheless, we must pray this rapidly rising debt figure does not forebode yet another step closer for the demise of the middle class.
This has compelled investors to pile into passively managed ETFs that indiscriminately send the stocks contained within it higher regardless of the fundamentals.
But once central banks become sellers of those assets the exact opposite dynamic will become true.
However, it didn't take long for lobbying groups to crush that proposal, and the BAT tax wound up biting the dust.
The next target was the deductibility of state and local taxes and the mortgage interest deduction--but the Republicans soon realized they have representatives seeking re-election in high tax states too..this idea has also quickly fallen by the wayside.
The Senate can pass tax reform with a simple majority but there is a catch.