Percentage in example sentence
Although some cuts in traditional outlays should be part of efforts to rein in spending, this approach should be supplemented by reducing “tax expenditures” – the special features of the tax code that subsidize health care, mortgage borrowing, local-government taxes, etc..Limiting tax expenditures could reduce the annual deficit by as much as 2% of GDP, thereby reducing the debt-to-GDP ratio in 2021 by more than 25 percentage points.