![By James Montgomery Flagg. (Cartoon by James Montgomery Flagg, via [1]) [Public domain], via Wikimedia Commons](https://i0.wp.com/thegreatrecession.info/blog/wp-content/uploads/UncleSamWithEmptyTreasury.jpg?fit=133%2C150&ssl=1)
In fiscal year 2022, federal tax receipts as a share of gross domestic product (GDP) hit a near record high of 19.6 percent. We have the highest tax revenue ever coupled with some of the largest deficits ever. If you cannot balance the budget when you have record tax collections, you never will.