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Federal Government Revenue and Outlays
JESSICA AWUAH
Created on January 5, 2023
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Transcript
Federal Government Revenue
Federal Government Outlays
51%
39%
3%
3%
1%
19%
15%
15%
14%
12%
11%
INDIVIDUAL INCOME TAXES
Most of the Federal Government's revenue comes from individual taxpayers—businesses, corporations, and individual taxpayers.
SOCIAL SECURITY AND MEDICARE TAXES
Social Security taxes are collected from people's paychecks (usually matched by one's employer), then divided into separate trust funds to support Social Security.
CUSTOMS DUTIES
When commodities are transferred over international borders, a tariff or tax known as customs duty is levied.
CORPORATE INCOME TAXES
Corporate income taxes are placed on the profits of a corporation.
EXCISE TAXES
An excise tax is typically imposed on the sale of particular specific goods or services, or on certain usage.
SOCIAL SECURITY
Social Security is part of the government's mandatory spending, meaning the is required by law to fund for it.
HEALTH
The government funds the Department of Health and Human Services. About $1.64 T was spent on this program in fiscal year 2022.
INCOME SECURITY
Income security is funded by the government to ensure that basic needs of consumption are met for those unable to do so for themselves. Some programs funded are Food Stamps, Supplemental Security Income, and Temporary Assistance for Needy Families.
NATIONAL DEFENSE
National defense is programs that support military and help guard the country against any threats, both internal and external, to the nation's security and peace.
MEDICARE
Medicare is a government health insurance program available to anyone who is 65 years of age or older, as well as younger people with disabilities and those who have end-stage renal disease.
$150.61 B
$6.27 T
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