This could actually increase the deficit by lowering tax revenue and causing the government to spend more on social programs. ![]() Should the US balance its budget?īalancing the budget would require steep spending cuts and tax increases -which would amount to a double body blow to the U.S. Proponents of a balanced budget argue that budget deficits burden future generations with debt. A budget can be considered balanced after a full year of revenues and expenses have been incurred and recorded. What would it take to balance the budget?Ī balanced budget occurs when revenues are equal to or greater than total expenses. A flat tax would ignore the differences between rich and poor taxpayers. Both of these systems may be considered “fair” in the sense that they are consistent and apply a rational approach to taxation. No one pays more or less than anyone else under a flat tax system. ![]() You might be interested: When Does The Irs Start Accepting Tax Returns In 2017? (Best solution) Are flat taxes more fair?
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