Taxes, Deficits, Entitlements

2010 Taxes, Deficits and Entitlements Fed Budget Operations, Procurement, R&D Personnel Other Taxes (excluding payroll) (discretionary) Includes Iraq/ Afghanistan 23% 5% % 9% Defense Health, Human Services Dept of State Transportation Veterans Affairs 15% 73% 69% Other Top 5 Recipients of Defense Contracts where does this go? 48% Individual Income Tax Corporate Tax Customs Duties, Misc 20,000 Excise Estate, Gift Tax 33% 15,000 900,000 10,000 4% 5% 4% U 675,000 5,000 3% increase over 2009. 450,000 Inflation: E 225,000 1.6% Highest I Falls Church,VA 2 Loudon, VA Income 3 Fairfax. VA Counties (data for 2011) Lockheed Martin • Revenue: USD 45 billion • Profits: - USD 3.8 billion Mandatory Spending / Entitlements Northrop Grumman ► Are not discretionary like defense spending • Spending funded by targeted taxes already collected by government • Examples: Social Security, Medicare • Revenue: USD 35 billion • Profits: - USD 2.5 billion • 2010 Q4 layoffs: 500 Social Security and Medicare in Trouble? Federal Deficit Causes O Economic downturn O Recovery measures • Bush tax cuts O War Costs Federal Deficit 14% 33% Defense Budget Iraq/Afghan wars 24% Medicare Deficit 30% Social Security Deficit in 75 years Cum. Defense Spending Soc Security Deficit when interest income is included In reality, a surplus Medicare Deficit in millions 12,500 37,500 in billions Taxes, Deficits and Entitlements by Defense revenue - Washington Technology: http://I.ravi.be/j0TqkI • Fed revenue sources - Heritage Foundation: http://l.ravi.be/IVe186 • Highest income - Wikipedia: http://l.ravi.be/k2Ez4b • Federal deficit causes - CBPP: http://l.ravi.be/mygjF7 • SS Deficit projection - FactCheck: http://l.ravi.be/kSjXp0 Ravi Sarma is licensed under a CC Creative Commons Attribution-ShareAlike License BY SA http://0sum.org/tde/ in millions Ind. Income Tax Defense Spending 375,000 750,000 1,125,000 1,500,000 in millions Lockheed Northrop 000'sz Boeing Raytheon 000'os General Dynamics