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With the growth in spending. Most of the long-term growth in revenues is attributable to the increasing share of income that is pushed into higher tax brackets. Because future economic conditions are uncertain and budgetary outcomes are sensitive to those conditions, CBO analyzed how those outcomes would differ from its projections if productivity growth or interest rates were higher or lower than the agency expects. Even if economic conditions were more favorable than CBO currently projects, debt in 2050 would probably be much higher than it is today. CBO now projects that debt as a percentage of GDP will be 45 percentage points higher in 2049 than the agency projected last year. Larger projected deficits in 2020 and 2021 contribute significantly to that difference. The increase in those deficits results primarily from the effects of the pandemic and actions taken to respond to it. Discussion Questions Please make sure to explain your responses in 1-2 paragraphs for each question. 1. Do you think the 2018 corporate tax reform reducing the corporate federal income tax rate from 35% to 21% had any impact on the debt? Explain. 2. Do you think the economic stimulus (checks to individuals and aid to small businesses) had any impact on the debt? Explain 3. Do you think the United States should take action to reduce the amount of debt? Explain Discussion Questions Please make sure to explain your responses in 1-2 paragraphs for each question. 1. Do you think the 2018 corporate tax reform reducing the corporate federal income tax rate from 35% to 21% had any impact on the debt? Explain. 2. Do you think the economic stimulus (checks to individuals and aid to small businesses) had any impact on the debt? Explain. 3. Do you think the United States should take action to reduce the amount of debt? Explain