$10 Trillion in Added US Debt Since 2001 Shows 'Bush and Trump Tax Cuts Broke Our Modern Tax Structure'

'In their blind loyalty to their mega-donors, Republicans' fixation on giant tax cuts for billionaires has created a revenue problem that is driving up our national debt,' said Sen. Sheldon Whitehouse in response to new Treasury Department figures.

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP—a measure which fell to 16.5% despite a growing economy—and an annual deficit increase that essentially doubled from the previous year. 'After record U.S.

'Tax giveaways for the wealthy are continuing to starve the federal government of needed revenue: those passed by former Presidents Trump and Bush have added $10 trillion to the debt and account for 57 percent of the increase in the debt-to-GDP ratio since 2001,' read the statement. 'If not for those tax cuts, U.S. debt would be declining as a share of the economy.

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