Wall Street Mav
@WallStreetMav · Dec 4, 2023
The USA collects $5 trillion per year in revenue. Of that $2.5 trillion is personal income taxes.
$1 trillion per year (40% of personal income taxes) is paying the interest on the national debt.
$8 trillion in govt debt is maturing this year, old debt at lower interest rates.
Peter St Onge, Ph.D.@profstonge· Dec 4, 2023Americans are "slaves" to the federal debt.
Interest on federal debt now soaks up 40% of income tax — by far the largest part of federal revenue. Toss in new debt and it’s closer to 80% of income tax.
All while sky-high interest rates automatically grow debt interest day by day
Elon Musk
@elonmusk
America is headed to where a majority of income tax is just to pay interest on the debt
02:43 PM · December 4, 2023 · 586.5K views
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