April tax receipts totaled $776 billion, a 22% increase. Government spending rose 23%, with the greatest increase from higher interest payments on the federal debt.
The deficit is currently $855 billion after seven months, 8% smaller than last year. White House economic adviser blames much of the deficit on the 2017 tax cut.
The 2017 tax cuts have added $10 trillion to the national debt. President Biden wants to extend cuts for those earning under $400,000 but raise the corporate tax rate.
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