A Closer Look at US Revenues

REVENUES, $2.31 the SPENDING, $3.6T U.S. Mandatory $2.0T Discretionary Net Interest $1.3T FEDERAL $0.2T BUDGET A Closer Look at Revenues Funds collected from the public that arise from the government's exercise of its sovereign powers Revenues at a Glance 17.8 Percent 15.4 Percent $2.3 Trillion $1.1 Tri Trillion Revenues as a share Revenues as a share Revenues received by Receipts in 2011 from individual income taxes, the largest source of GDP in 1991 of GDP in 2011 the federal government in 2011 of revenues TRENDS in Revenues- Percentage of gross domestic product Shaded bars indicate periods of recession. Economic Growth and Tax Relief Reconciliation Taxpayer Relief Act of 1997 Tax Relief, Unemployment Insurance Reauthorization, and Act of 2001 10 Omibus Budget Jobs and Growth Tax Relief Reconciliation Reconciliation Job Creation Act of 2010 Act of 1993 8 Act of 2003 Individual Income Taxes Social Insurance (Payroll) Taxes 4 Other Corporate Income Taxes 1991 1996 2001 2006 2011 BREAKDOWN of Revenues in 2011 Billions of dollars Individual Income Taxes $1,091B Social Insurance (Payroll) Taxes $819B Old-Age, Survivors, and Disability Insurance $566 Hospital Insurance $188 Other $65 Corporate Income Taxes $181B Other $212B -Estate and Gift Taxes $7 LMiscellaneous Fees and Fines $20 Federal Reserve Excise Taxes LCustoms Duties $30 Earnings $83 $72 200 400 600 800 1,000 Prepared by: Jonathan Schwabish and Courtney Griffith Contact: Tax Analysis Division All data are for federal fiscal years, which run from October 1 to September 30. Source: Congressional Budget Office, April 2012 For more details, see CBO's Budget and Economic Outlook, January 2012: http://go.usa.gov/nPi and CBO's Updated Budget Projections, March 2012: http://go.usa.gov/mgN Numbers may not add up to totals because of rounding. Fiscal Year 2011 [Trillions of dollars]