The Federal Budget

1. The Federal Budget Spending • Discretionary • Non-Discretionary Revenue

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

3. 2012 Budget • White House, OMB 2013 Budget Page • FY 2012 Budget

4. Deficit and Debt Deficit or Surplus: Yearly account balance between spending and revenue

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

6. National Debt National Debt: the accumulated deficits, plus other incurred debt National Debt Clock http://www.usdebtclock.org/

7. 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

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

9. 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

10. 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

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

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

13. 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

14. State and Federal Revenue and Taxes • State revenue sources • Balance of federal taxes and federal spending per state

15. 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/

16. 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

17. All Taxes? Incomes and Federal, State & Local Taxes in 2009 Shares of TAXES AS A % OF INCOME Average Total Total Federal 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