Sen. Wyden: Reduce Deficit by Making ‘Wealthy Tax Cheats Pay Their Fair Share’

By Ben Kelley | July 28, 2022 | 12:46pm EDT
Sen. Ron Wyden (D-Ore.)  (Getty Images)
Sen. Ron Wyden (D-Ore.) (Getty Images)

(CNSNews.com) – When asked if Congress will ever balance the budget, Senator Ron Wyden (D-Ore.) said Congress should prioritize reducing the federal deficit instead of completely balancing the budget, and that the best way to accomplish this is to crack down on tax evasion by the wealthy.

On July 26, CNSNews.com asked Wyden, “The federal government collected record taxes in the first nine months of this fiscal year, but still ran a $515 billion deficit. Will Congress ever balance the budget?”

Wyden responded, “What I’m interested in doing, and you saw that in the effort earlier on, is reducing the federal deficit. And one of the best ways to do that is to make sure that wealthy tax cheats pay their fair share.”

The federal budget is considered to be “balanced” when its spending equals its revenue. If the government spends more than it takes in, it borrows the money needed to make up the “deficit.” This is called deficit spending. 

In the first nine months of this fiscal year (2022), which started on Oct. 1, 2021, the federal government collected a record $3,835,390,000,000 in taxes. However, during that same period of time – October 2021 through June 2022 -- the federal government spent a total of $4,350,457,000,000, creating a deficit of $515,067,000,000. And there are three months left in the fiscal year.

As of July 26, 2022, the national debt was $30,598,262,922,849.72, according to the Treasury Department. The national debt is the accumulation of federal deficits still unpaid and the interest payments on that debt.

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