Federal Tax Cuts and the Economy: A Closer Look at the Rhetoric and the Facts

Legislation passed thus far by the U.S. Congress has increased projected federal deficits by over $450 billion through the end of the current five-year budget window (2011). The federal deficit threatens the well-being of Americans for generations to come, and recent Administration and Congressional leadership budget proposals will only exacerbate the problem. To help understand the often arcane and misleading federal budget rhetoric, this brief debunks 10 common myths about the federal budget.