Interest on federal debt now soaks up 40% of income tax — by far the largest part of federal revenue

Americans 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… pic.twitter.com/LvSpRwpIGO

— Peter St Onge, Ph.D. (@profstonge) December 4, 2023