(WASHINGTON TIMES) – Democrats’ plan for $3.5 trillion of new spending on social programs — the biggest ever proposed — would eat up nearly all of the government’s annual tax collections in a single spending plan.

Paying for it would require tax increases proposed by President Biden or more borrowing — or both.

Total tax revenue collected by the federal government in fiscal 2021 totaled $3.8 trillion, which helps to pay for defense, health care, Social Security, veterans’ services, education and a host of other annual expenses.

Read the full story ›

The post American taxpayers, not foreign investors, are on the hook for Dems' trillions in new spending appeared first on WND.

Source: World Net Daily

 12 total views,  2 views today