|
Dear ,
I hope you and your family are doing well! Below, please find a few updates on my work last week for the residents of Arizona’s First Congressional District.
39¢ of Every Dollar Paid in Your Individual Income Taxes Is Going Toward Interest
In light of Tax Day, I wanted to highlight some important math from CBO’s March 2024 Monthly Budget Review and the Monthly Treasury Statement. Over the first six months of the fiscal year, gross interest on the debt has accumulated to $522.023 billion. Individual income tax receipts were $1.09 trillion. Gross interest costs were 47.9% of individual income tax receipts, and if using net interest, that's 39.4% year-to-date. Using the Treasury Department’s full-year estimates, gross interest is projected to be $1.144 trillion. Individual income tax receipts are estimated to be $2.503 trillion, meaning gross interest costs are estimated to be 45.7% of total individual income tax receipts this year. The Treasury Department doesn't publish a full-year estimate for net interest costs. In President Biden’s FY25 budget request, the baseline estimate for net interest costs was $890 billion, resulting in 35.6% of the total full-year individual income tax receipts.
A friendly reminder that the deadline to avoid delays and penalties for filing your taxes or an extension is TODAY, Monday, April 15. Taxpayers are encouraged to review last-minute tax tips on my website. The IRS has resources available to taxpayers who need assistance in completing their tax returns, are looking to check the status of their refund, or find information about available tax credits. If you have any questions, don’t hesitate to contact my District Office staff at (480) 946-2411.
How the Distortion of Foreign Troll Farming Contributes to the Misinformation About Our National Debt
 |
| Click here to view my full remarks from last week's speech. |
The only way to be honest with ourselves about the massive wave of disinformation heading our way is to talk about it and tell the truth. Last week, I delivered a speech on the House Floor that expanded on the idea that foreign nations like China, Russia, and Iran are pushing false narratives about our sovereign national debt through various methods, like troll farming.
In the monthly treasury statement (MST) released last week, my math, which at that time seemed like an outrageous estimate, fell short. The MST displayed that interest is now going to be $1,436,000,000,000this fiscal year. An even more remarkable finding in the 2024 Medicare Payment Advisory Commission Report to Congress showed that Part B and Part D spending have been consuming a growing share of federal revenues. In 2022, 13% of all personal and corporate income taxes collected by the federal government (the primary source of federal revenues) were transferred to Medicare’s SMI Trust Fund, and by 2030 this share is projected to reach 22%, launching Medicare past Social Security in total spending. How are we supposed to stabilize our national debt when we don't even know if the information we consume is factual?
As a point of clarification, the stack of articles used in my floor speech, while adding to the effect of the deafening evidence of false narratives polluting news outlets and social media platforms, has been accumulated over the past couple of months to help me formulate a coherent narrative to deliver to you. If you have any interest in going deeper into any of these topics that I mention, I've linked them below for your convenience. Let me know what you find interesting about any of the evidence I presented:
Is the Border Crisis To Blame For The Spike Of Deaths in Arizona's Homeless Community?
In a study put forth by the Common Sense Institute in Arizona, nearly 61% of homelessness deaths in Pima County in 2023 were drug-related — a more than 10% increase from 2022. In fact, the prevalence of homelessness deaths increased 42% from 2021 to 2022, with 63% of deaths (732 total cases) being related to drug use, according to the Maricopa County Medical Examiner.
Alongside the absolute immorality that comes as a result from this crisis, expenses like substance abuse treatment, law enforcement efforts, health care expenses, and the reduction in overall productivity cost Arizona $53,000,000,000 in 2021. To put that into perspective, the CDC estimated that in 2017, Arizona would only spend $21,000,000,000 on drug-related costs. All in all, the cost of the border crisis has created major costs in terms of American lives as well as American dollars.
I've noted in my newsletter time and time again the unbelievable influx of illicit drugs coming across our border at a disturbing pace. The border crisis is not only a national security threat, but it's a humanitarian crisis. Our own Americans are falling victim to addiction to illegal drugs, and the Biden Administration continues to disregard the fact that it's putting our citizens on the streets, and even worse, killing them. I've introduced a serious solution which would help our Americans combat addiction to the growing prevalence of fentanyl and other opioid-related deaths. It is immoral that we have yet to come to a solution to stop this crisis, and it's at the cost of our own citizens.
We Are Entering a Time of Economic Brutality
 |
| Click here to view my remarks. |
At last week's hearing held by the House Committee on Ways and Means, I honed in on the recalculation released by the Department of Treasury in their Monthly Treasury Statement which corrected the calculation to reflect that interest on our national debt is now expected to reach $1,436,000,000,000. I've said it a thousand times – we are about to saddle our working middle class and the next generation with tens of trillions in debt. As we approach the chance to build on the success of the Tax Cuts and Jobs Act (TCJA), it’s imperative we devise a tax code that maximizes economic expansion – because growth is moral – while stabilizing tax receipts and reducing deficit spending.
I also highlighted how TCJA delivered tax relief for everyday Americans with real median household income increasing by $5,000 and real wages increasing by 4.9% in 2018 and 2019. If TCJA is left to expire, middle-class families would face higher individual tax rates, a watered-down standard deduction, and a Child Tax Credit that is cut in half. The average family of four earning $75,000 would pay an estimated $1,500 more in taxes.
Standing With Israel Following Iran’s Unprecedented Attack
The United States must stand firmly with Israel in the face of the major military escalation by Iran over the weekend. We have an obligation to defend our greatest ally in the Middle East.
Recognizing Some Amazing Citizens in AZ-01
Celebrating their 17th year in business, KDA Dance opened at their new location in Fountain Hills to serve young dancers in the community! The preservation and expansion for children in AZ-01 to pursue the arts is an initiative I will always vouch for. The KDA team's core values of integrity, innovation, and optimism cultivates a cohesive environment for performers to continue to grow in their craft. Well done on this outstanding achievement to Kelly and her team!
Are You Signed Up To Receive Our Exclusive Debt Numbers?
.png "floor_speech_411_(2ew).png")
Last week, I presented a speech on the House Floor that highlighted the fact that we have now surpassed spending over $100,000 per second twice this fiscal year. These statistics come straight from my exclusive Daily Debt Monitor, which you can subscribe to for free to experience the same monetary madness that I often speak about in my weekly speeches. This text message sends a comprehensive chart to your mobile device daily, outlining the rapid rise of our national debt.
The Deadline for 2024 Congressional Art Competition Submissions Is Fast Approaching
The deadline to submit artwork for the 2024 Congressional Art Competition is just around the corner! Students who wish to participate can review the official rules and regulations at my website. Students will need to complete TWO copies the 2024 Student release forms, one to turn in upon submission, the other to be attached to the back of their artwork. Artwork must be submitted at the Scottsdale Artists’ School, located at 3720 N Marshall Way, Scottsdale, AZ 85251, between 3 p.m. - 5 p.m. on Friday, April 22. This is the only time available to submit their artwork. If students or teachers have any questions please contact Chris Wiley, of my District Office staff at (480) 946-2411. I am looking forward to seeing the creativity of young artists in our community on display!
What I’m Reading & Why It Matters
Drug overdoses killed a record 93,331 people in the U.S. last year alone. Opioids accounted for about 70% of such deaths. This week, I read up on an article that expanded on the research for the development of an opioid vaccine. The vaccine basically triggers the patient's own immune system to develop antibodies against the target, however, it would not prevent cravings for the drug. The idea is for the vaccine to be utilized in tandem medications that are able to curb the effect of cravings. For instance, if patients end up using oxycodone, the antibodies should bind to it and prevent it from getting to the brain. Opioids have an extreme impact by entering the brain, causing breathing to slow down to dangerous levels. The current target group are teenagers who may not have a diagnosis of opioid use disorder but are at high risk of using street drugs that could be laced with fentanyl. The hope is to create a so-called multivalent vaccine that would target addictive and dangerous opioids.
I also caught up on some reading regarding the increasing prevalence of continuous glucose monitoring. Part of the confusion for healthy patients who use a continuous glucose monitor (CGM) is that it isn’t always clear what normal glucose fluctuations look like. There are concerns that healthy patients will make unhealthy decisions because they misinterpret their results. “If we identify these patients sooner, we can suggest lifestyle modifications as well as maybe the initiation of weight-loss medications,” says Dr. Brenda Dorcely, an endocrinologist at NYU Langone Health. Roughly 15% of American adults have diabetes, up 10% from two decades ago, according to data presented by the Center for Disease Control (CDC). About 38% of adults have prediabetes, where blood sugar levels are higher than normal, but not enough for a diabetes diagnosis. A majority of people with prediabetes aren’t aware they have the condition, which increases the risk for Type 2 diabetes, stroke and heart disease.
Finally, I want to let you know about the book I'm reading about the ideas and findings of Milton Friedman, titled, 'The Last Conservative'. Author Jennifer Burns explores concepts of "a new economic vision and a modern American conservatism" expanded upon by Friedman himself. This piece of literature considers many concepts of economics, from Marginalism to Institutionalism, that involves the comparison of economics' unchanging fundamentals to a progressive concept of "social control". |