Since Reagan the US has steadily cut federal revenues and made up the shortfall with debt. Bush 1 was abandoned by his party because he responsibly raised taxes. As soon as Clinton handed off a slight budget surplus, Bush 2 cut taxes and started a war on borrowed money. About then VP Cheney announced that deficits “didn’t matter anymore.” Given a healthy growing economy, Trump immediately cut taxes more which failed (once again) to deliver the growth he promised would pay for it.
Corporate income taxes used to provide 30+% of federal income tax revenues. Now it is closer to 10%. The wealthiest own a majority of the assets, but as we have seen recently, many pay a lower tax rate than the bottom 10%. The POT won’t even fund better IRS enforcement of existing laws against tax cheats.
The revenue side is broken and unfair. Until we wake up and fix that, we act like drunken teens believing our parents will pick up the tab. Instead it will be our kids.