Tax revenues are not keeping up with federal spending in the U.S.

In fiscal 2024, the federal government spent $6.75 trillion but only collected $4.9 trillion, resulting in a deficit of $1.83 trillion for the year. The Government Accountability Office warns the national deficit is “growing faster than the economy — this is unsustainable over the long term.”

Donald Trump and his pet program DOGE have been looking for ways to reduce the deficit. The president’s latest idea is a “gold card” visa program, which he claims would reduce deficit spending by generating additional revenue.

The gold card would act as a green card for the rich, providing pathway to U.S. citizenship at a cost of $5 million. As Trump explains, “Wealthy people will be coming into our country by buying this card, they’ll be wealthy and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people.”

Commerce Secretary Howard Lutnick says the gold card program........

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