CBO projects that federal revenues will increase by 3 percent of GDP over the next 30 years. Real bracket creep—when people’s income rises faster than the tax brackets and other elements of the tax system—accounts for about half of that increase.
CBO projects that federal revenues will increase by 3 percent of GDP over the next 30 years. Real bracket creep—when people’s income rises faster than the tax brackets and other elements of the tax system—accounts for about half of that increase.
In our extended baseline projections in The 2019 Long-Term Budget Outlook, budget deficits drive federal debt held by the public to unprecedented levels.
If current laws generally remained unchanged, large budget deficits would boost federal debt to unprecedented levels over the next 30 years, CBO projects.
