the federal budget spending discretionary non-discretionary revenue

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The Federal Budget Spending Discretionary Non-Discretionary Revenue

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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 DebtDeficit or Surplus: Yearly account balance between spending and

revenue

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: the accumulated deficits, plus other incurred debt

National Debt Clockhttp://www.usdebtclock.org/

Who owns the Debt 2011?Federal Reserve information

1. US Federal Reserve and other Government Financial Entities2. Other Investors/Savings Bonds3. China4. Japan5. Pension Funds6. Money Market Funds/Mutual Funds7. State and Local Governments in US8. UK9. Banks10.Insurance Companies11.OPEC nations12.Brazil13.Caribbean nations14.Hong Kong15.Canada

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: 37.5%Non-Discretionary: 57.1%Interest: 5.2%From Pew Research Center http://pewresearch.org/pubs/1770/ask-the-expert-pew-research-center

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

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 Officehttp://www.gao.gov/cghome/townhall092905/img18.html

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

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

State and Federal Revenue and Taxes

• State revenue sources• Balance of federal taxes and federal spending

per state

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)

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?Incomes and Federal, State & Local Taxes in 2009

Shares of TAXES AS A % OF INCOMEAverage Total Total Federal State and TotalCash Income Taxes Taxes Local Taxes TaxesIncome 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