Tax Foundation's video: Fiscal State of the Union House Budget Committee Testimony

Scott Hodge, President Emeritus and Senior Policy Advisor at the Tax Foundation, testified before the House Budget Committee on March 29, 2023 for a hearing titled, “The Fiscal State of the Union.” Key highlights: 𝗙𝗿𝗼𝗺 𝗞𝘆𝗶𝘃 𝘁𝗼 𝗖𝗮𝗽𝗶𝘁𝗼𝗹 𝗛𝗶𝗹𝗹: Scott Hodge recently spoke in Kyiv to provide Ukrainian leaders with examples of countries that have successfully reformed their tax codes and kept government finances in check. Unfortunately, the U.S. didn't make the cut. This week, Scott testified in D.C. before the House Budget Committee regarding America’s fiscal situation: 𝗦𝗮𝗱 𝘀𝘁𝗮𝘁𝗲 𝗼𝗳 𝗮𝗳𝗳𝗮𝗶𝗿𝘀: Federal spending, deficits, and debt are at unsustainable levels. The current national debt, at roughly 100 percent of GDP, is the highest in nearly 80 years. Social Security’s cash deficit—or drain on general tax revenues—will top $4 trillion over the next decade. 𝗧𝗶𝗺𝗲 𝘁𝗼 𝘁𝗶𝗱𝘆 𝘂𝗽: The federal budget is laden with redundant programs, obsolete programs, corporate welfare, and nationalized industries. The Inflation Reduction Act alone expanded or created 26 tax subsidy programs that will cost taxpayers an estimated $1.2 trillion over the next decade.  𝗕𝗶𝗱𝗲𝗻’𝘀 𝗯𝘂𝗱𝗴𝗲𝘁 proposes one of the largest tax increases in American history. Under the budget plan, government spending would average nearly 25 percent of GDP, more than any other 10-year period in U.S. history, including World War II. Read Scott’s full written testimony: https://taxfoundation.org/fiscal-state-of-the-union-national-debt-deficit/