Tax reform lowered the U.S. federal corporate tax rate. As a result, the combined federal and state U.S. corporate tax rate fell from almost 40 percent—the highest in the developed world—to below 25 percent. The new rate, slightly above the world average, is making America more competitive in the global economy.
Source: OECD
The debt ceiling or debt limit is supposed to ensure that Congress is confronted with the consequences of out-of-control spending and borrowing in Washington. Like an alarm clock, the debt ceiling can offer a fiscal check on the government’s finances and encourages congressional deliberation of policies to control spending and debt. However, in recent years Congress has repeatedly suspended the debt ceiling, allowing the debt to rise unchecked. Congress must not suspend the debt ceiling again. Congress should enact fiscal controls to put the budget on a path to balance before raising the debt ceiling further.
Updated October 17, 2024
Source: OMB
