The Budget Lab

The US military budget ($886B) exceeds the combined defense spending of China ($296B), Russia ($109B), India ($83B), Saudi Arabia ($75B), UK ($74B), Germany ($66B), Ukraine ($64B), France ($61B), South Korea ($47B), and Japan ($44B). NATO requires members to spend 2% of GDP on defense; the US spends ~3.4%.
Source: Stockholm International Peace Research Institute (SIPRI) Military Expenditure Database 2024 →

The US maintains ~5,500 nuclear warheads. CBO (2023) projects the modernization program will cost $1.7T over 30 years, covering new ICBMs, submarines, bombers, and command-and-control systems. Arms control analysts argue the US warhead count significantly exceeds minimum strategic deterrence requirements.
Source: CBO, Projected Costs of U.S. Nuclear Forces, 2023–2032 →

The Department of Defense has failed its congressionally-mandated financial audit every year since audits began in 2018. A 2021 Brown University study estimated $14T in total post-9/11 military spending. GAO's "High Risk" list has flagged DoD financial management since 1995.
Source: GAO High Risk Series: DoD Financial Management →

The 2017 Tax Cuts and Jobs Act cut the corporate rate from 35% to 21%, reducing federal revenue by ~$150B/year. In 2023, S&P 500 companies spent over $800B on stock buybacks vs. $89B in R&D investment. Biden proposed 28%; G7 nations agreed to a 15% global minimum floor (implemented 2024 in most signatories).
Source: CBO Revenue and Tax Options; IRS Statistics of Income →

The US has no annual wealth tax. Sen. Warren proposed 2%/yr above $50M, 3% above $1B (~$200B/yr). Sen. Sanders proposed rates up to 8% above $10B. Precedents: Norway (1.1%), Switzerland (0.35–0.7%), Spain (0.2–3.5%) all have functioning annual wealth taxes. US billionaire wealth grew by $1.3T in the first 3 years of the COVID pandemic — while 8 million fell into poverty.
Source: Americans for Tax Fairness; Forbes Billionaires 2024 →

75% of capital gains income goes to the top 1% of earners. Aligning rates would raise ~$120B/year, paid almost entirely by the wealthy. Warren Buffett has publicly stated he pays a lower effective tax rate than his secretary. This rate gap has existed since 1921 — often defended as encouraging investment, though studies show mixed evidence.
Source: Tax Policy Center; Joint Committee on Taxation →

S&P 500 companies bought back ~$800B of their own stock in 2023. Buybacks reduce share count, boosting earnings-per-share and executive compensation tied to EPS — while not creating jobs, raising wages, or funding R&D. Apple: $90B in buybacks (2023). Microsoft: $22B. ExxonMobil: $17.5B.
Source: S&P Global; IRS →

Carried interest allows fund managers to classify their management fee (typically 20% of profits) as capital gains rather than income — saving them ~17 percentage points per dollar. Closing this loophole has been proposed by Democrats and Republicans alike for 20 years. It survives every Congress. The private equity lobby spent $73M on lobbying in 2023 alone (OpenSecrets).
Source: Joint Committee on Taxation; OpenSecrets →

A federal public financing system modeled on NYC's 8:1 small-dollar match would cost ~$5B/yr — approximately $38/household. In exchange: candidates no longer depend on PACs, bundlers, or dark money groups to compete. The 2024 election cycle saw $4.5B in dark money — donations with zero required public disclosure. 77% of Americans (Gallup) say money has too much influence in politics.
Source: Brennan Center for Justice; FEC →

The Citizens United decision (2010) eliminated limits on independent political spending by corporations and unions, enabling super PACs to raise unlimited funds. Outside political spending grew from $338M (2008) to $4.5B+ (2024). Banning super PACs would require overturning Citizens United — either through a Supreme Court reversal or a constitutional amendment. This lever has no direct fiscal impact but has profound effects on whose interests legislation serves.
Source: Citizens United v. FEC, 558 U.S. 310 (2010); OpenSecrets →

The US pays 2–4× what other wealthy nations pay for the same brand-name drugs. A RAND study found US drug prices averaged 256% of prices in 32 comparable countries. Drug companies spent $374M lobbying Congress in 2022–2023 — more than any other industry. The VA negotiates at roughly 40% below Medicare list prices for the same drugs.
Source: RAND Corporation Drug Price Analysis 2021; CBO →

The US spends ~$4.5T/year on healthcare — $13,493/person, more than any other country. Medicare for All would increase federal spending by ~$3.2T/year but eliminate ~$3.5T in private premiums, out-of-pocket costs, and administrative overhead. This lever shows the household impact net of eliminated private costs. Most analyses find it roughly revenue-neutral or modestly positive once private costs are included — but financing requires large tax increases on businesses and high earners. This is the most contested estimate on this page.
Source: PNHP; Political Economy Research Institute →