Felton Knight’s letter asks where funds to operate the federal government will come from under the newly passed tax plan. He wonders whether, with 50 percent of us paying no taxes at all (an incredibly inaccurate figure) and the big breaks going to the top 1 percent, will the burden fall upon him and the rest of the remaining 49 percent? Maybe I can help.
The vast majority of the money needed to fund the government will be borrowed. Our national debt, currently at about $20 trillion and growing at roughly $100,000 every seven seconds (nationaldebtclock.org), will go up another trillion dollars under this one single tax revision.
To offset that increase, the economy would have to grow 3 percent per year. The true growth caused by the tax bill is closer to .08 percent per year (Congress’ own Joint Committee on Taxation), 1/12th the growth needed just break even. And that doesn’t include the interest.
school board member