In 2021, the federal government's budget deficit totaled $2 8 trillion after surpassing $3 1 trillion in 2020 As pandemic related relief programs wind down and revenues come in stronger than expected, the CBO projects the deficit will fall to $1 trillion in 2022 Over the next decade, however, federal deficits will rise again despite elevated tax revenues The CBO projects a deteriorating fiscal picture for the United States as spending will grow faster than revenues, pushing up budget deficits and increasing the federal debt Lawmakers will face many tough decisions Allowing the changes to expire will drag growth, but extending them without offsets will significantly increase deficits above the $14 5 trillion CBO already projects will occur over the next 10 years Answer and discuss the following questions If we have a tax system that is supposed to pay for the running of the government, why does the US Government have deficits why won't Congress collect enough taxes to cover the spending Based on the course textbook, what are some additional sources of tax revenue Congress can pursue Which one do you agree with Research US tax revenues what percentage comes from individuals, corporations, and others Based on the IRS tax law of being fair and equitable, is it fair that individuals bear the burden of tax revenues Read the attached article Fact Check The IRS is not hiring thousands of armed agents, job ads show opening for specialized unit Reuters Why do you believe the US Government needs more IRS agents https www reuters com article factcheck irs armed fact check the irs is not hiring thousands of armed agents job ads show opening for specialized unit idUSL1N2ZT296

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In 2021, the federal government's budget deficit totaled $2.8 trillion after surpassing $3.1 trillion in 2020. As pandemic-related relief programs wind down and revenues come

In 2021, the federal government's budget deficit totaled $2.8 trillion after surpassing $3.1 trillion in 2020. As pandemic-related relief programs wind down and revenues come in stronger than expected, the CBO projects the deficit will fall to $1 trillion in 2022. Over the next decade, however, federal deficits will rise again despite elevated tax revenues. The CBO projects a deteriorating fiscal picture for the United States as spending will grow faster than revenues, pushing up budget deficits and increasing the federal debt.

Lawmakers will face many tough decisions. Allowing the changes to expire will drag growth, but extending them without offsets will significantly increase deficits above the $14.5 trillion CBO already projects will occur over the next 10 years.

Answer and discuss the following questions.

If we have a tax system that is supposed to pay for the running of the government, why does the US Government have deficits - why won't Congress collect enough taxes to cover the spending?
Based on the course textbook, what are some additional sources of tax revenue Congress can pursue? Which one do you agree with?
Research US tax revenues - what percentage comes from individuals, corporations, and others? Based on the IRS tax law of being fair and equitable, is it fair that individuals bear the burden of tax revenues?
Read the attached article Fact Check-The IRS is not hiring thousands of armed agents, job ads show opening for specialized unit | Reuters Why do you believe the US Government needs more IRS agents? https://www.reuters.com/article/factcheck-irs-armed/fact-check-the-irs-is-not-hiring-thousands-of-armed-agents-job-ads-show-opening-for-specialized-unit-idUSL1N2ZT296/