There is a common belief that in order to maintain its independence and solvency a government has to tax sufficiently. This is true for our 50 states and territories and local governments but the Federal government has no such restriction. Because it is monetarily sovereign; having a non-convertible fiat currency, a flexible exchange rate and no debt in a foreign currency. Our government creates its sovereign currency, the dollar, from 'thin air'. It is backed by the good faith and credit of the Federal Government. There is no longer a gold standard. That was abandoned in 1971, ushering in what we have now a fiat currency standard where taxation does not fund federal expenditures.