(WASHINGTON TIMES) – Democrats’ plan for $3.5 trillion of new spending on social programs — the biggest ever proposed — would eat up nearly all of the government’s annual tax collections in a single spending plan.
Paying for it would require tax increases proposed by President Biden or more borrowing — or both.
Total tax revenue collected by the federal government in fiscal 2021 totaled $3.8 trillion, which helps to pay for defense, health care, Social Security, veterans’ services, education and a host of other annual expenses.
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