Tax revenues are what our government depends on to fund its expenses and obligations. These obligations include entitlement programs like Social Security, Medicare, and Medicaid. Expenses include paying interest on the national debt, defense spending, and funding over 400 federal agencies.
n 1900 the federal government was less than three percent of the U.S. economy. Today, it’s estimated to be over thirty percent of the economy. If you add state and local government, it’s over forty percent of the economy. Add to this, over seventy-seven million baby boomers receiving, or soon to receive Social Security, Medicare, or Medicaid and no longer paying into those same programs after retirement.