The federal budget
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The Federal Budget. Spending Discretionary Non-Discretionary Revenue. From: http://www.irs.gov/instructions/images/12088u02.gif. 2012 Budget. White House, OMB 2013 Budget Page FY 2012 Budget. Deficit and Debt. Deficit or Surplus: Yearly account balance between spending and revenue.

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The Federal Budget

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The federal budget

The Federal Budget

Spending

  • Discretionary

  • Non-Discretionary

    Revenue


From http www irs gov instructions images 12088u02 gif

From: http://www.irs.gov/instructions/images/12088u02.gif


2012 budget

2012 Budget

  • White House, OMB 2013 Budget Page

  • FY 2012 Budget


Deficit and debt

Deficit and Debt

Deficit or Surplus:

Yearly account balance between spending and revenue


The federal budget

An Analysis of the President’s Budgetary Proposals for Fiscal Year 2011: http://www.cbo.gov/ftpdocs/112xx/doc11280/03-24-apb.pdf


National debt

National Debt

National Debt: the accumulated deficits, plus other incurred debt

National Debt Clock

http://www.usdebtclock.org/


Who owns the debt 2011 federal reserve information

Who owns the Debt 2011?Federal Reserve information

  • US Federal Reserve and other Government Financial Entities

  • Other Investors/Savings Bonds

  • China

  • Japan

  • Pension Funds

  • Money Market Funds/Mutual Funds

  • State and Local Governments in US

  • UK

  • Banks

  • Insurance Companies

  • OPEC nations

  • Brazil

  • Caribbean nations

  • Hong Kong

  • Canada


The federal budget

Federal Debt as % of GDP 1962-2072from CBO, Director’s Blog “The Long-Term Budget Outlook” http://cboblog.cbo.gov/?p=328


Discretionary v non discretionary spending

Discretionary v. Non-Discretionary Spending

Discretionary: 37.5%

Non-Discretionary:57.1%

Interest:5.2%

From Pew Research Center http://pewresearch.org/pubs/1770/ask-the-expert-pew-research-center


The federal budget

Douglas W. Elmendorf, “The Budget and Economic Outlook,” February 25, 2010,http://www.cbo.gov/ftpdocs/112xx/doc11276/Final_CBO_Presentation_to_NEC_2.25.10.pdf


The federal budget

Social Security as a % of GDPfrom CBO, Director’s Blog “The Long-Term Budget Outlook” http://cboblog.cbo.gov/?p=328


From us government accountability office http www gao gov cghome townhall092905 img18 html

From US Government Accountability Officehttp://www.gao.gov/cghome/townhall092905/img18.html


Federal spending as of gdp 1950 2010 see omb historical tables table 3 1

Federal Spending as % of GDP1950-2010 (See OMB Historical Tables, Table 3.1)

Figurefrom Peterson Foundation, excellent primer on budget: http://www.pgpf.org/Special-Topics/Spending-primer.aspx


State and federal revenue and taxes

State and Federal Revenue and Taxes

  • State revenue sources

  • Balance of federal taxes and federal spending per state


The federal budget

Historical Tax Rates by Income Group [NYTimes] by Catherine Mulbrandon on November 3, 2007, http://visualizingeconomics.com/2007/11/03/nytimes-historical-tax-rates-by-income-group/


Federal income taxes 2004

Federal Income Taxes (2004)

From, The American, American Enterprise Institute, Guess Who Really Pays the Taxes, By Stephen Moore From the November/December 2007 Issue,

http://american.com/archive/2007/november-december-magazine-contents/guess-who-really-pays-the-taxes


All taxes

All Taxes?

Incomes and Federal, State & Local Taxes in 2009

Shares of TAXES AS A % OF INCOME

Average Total TotalFederal State and Total

Cash Income Taxes Taxes Local Taxes Taxes

Income

Lowest 20% $ 12,400 3.5% 1.9% 3.6% 12.4% 16.0%

Second 20% 25,000 7.1% 5.0% 8.7% 11.8% 20.5%

Middle 20% 40,400 11.6% 10.2% 13.9% 11.3% 25.3%

Fourth 20% 66,000 18.9% 18.9% 17.2% 11.3% 28.5%

Next 10% 100,000 14.3% 15.2% 19.0% 11.1% 30.2%

Next 5% 141,000 10.2% 11.2% 20.4% 10.8% 31.2%

Next 4% 245,000 14.2% 15.8% 21.3% 10.2% 31.6%

Top 1% 1,328,000 20.4% 22.1% 22.3% 8.4% 30.8%

ALL 68,900 100.0% 100.0% 18.0% 10.6% 28.6%

Source: Citizens for Tax Justice, http://www.ctj.org/pdf/taxday2010.pdf


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