About_Us Sponsors Staff Links Site Map Login
Issues
Issue Summary Positions Facts Polls Discussion Also_See

WeMatter.com > Federal Budget >Facts

Topic: What are the raw numbers that are appropriate to this issue.

In 2002 the GNP, is {all figures in billions of dollars}:

$10,846

Federal government is planning to collect about:

     $2,135, {21% of GDP, The states spend an additional 9%, see: as of 2000 page 295/308} of which,
$1,024.2 {47%} is from Income taxes,
   $721.9 {33%} is Social Security, and
   $229.1 {10%} is from Corporate taxes.

This money was planned to be spent, as follows:

$429.9 Social Security
$374.4 Non-Defense {Discressionary}
$304.0 Defense
$224.9 Other {Non-Discressionary}?
$214.2 Medicare
$130.3 Medicaid

$171.2 Surplus {Social Security}

Note: The Citizens Against Government Waste estimates that: . "If Congress truly wants to preserve surpluses for this year and many years to come, they should begin by eliminating all pork projects from the federal budget – $18.5 billion last year alone." {Though of course one person's pork is an others bacon}

The $5,753 end of 2002 Debt is planned to be, as follows:

$2,453 Owned by the US Government {Social Security lock box} {at 6% interest, this is saving the tax payer $147 B/year}
$3,300 Owned by citizens and others.

The "Adjustment" to the previous budgets, to make the surplus, excluding Social Security, 0 in 2001, and 2002 was:

2001 2002  
-$46 -$44 Economic adjustments
-$40 -$40 Tax rebates and other enacted tax change
-$28 $28 Corporate tax timing shift
-$5 -$1 Farm Assistance
-$4 -$11 Defense requirements
-1 -6 Related debt service
0 $3 Tax Proposals
$3 $11 Medicare reform (cuts)
-123 -59 Total change in surplus (- = Reduction)

Tax cuts in 2011, due to different parts. (as originally proposed?)

100% -- 231.7 B$ ---- Total tax cut {that year} 7% of 3,223 ( Receipts)

See: Table S-9. Effect of Proposals on Receipts,

As a way of "thinking" about the budget, I have developed an analogy, I hope that it is useful and not biased, It thinks about the Government as a family who is the major stockholder in a widget company: For more detail See Analogy

The following is that GDP growth over the last 50 years. It looks to me as though there has roughly been a 8% growth except for a larger growth in the '65 to '85 period, and a slower growth recently.

GDP Growth % .See: freelunch.com

Time Lines

Note: Recently 2003, congresss has passed another tax cut. This has a number of Sunset conditions, but the following are the rates

 

New Rate (Old)
Single income
Married Income
 
10%
$7,000
$14,000
 
15%
$28.400
$58,600
 
25% (27%)
$68,800
$114,650
 
28% (30%)
$143,500
$174,700
 
33% (35%)
$311,950
$311.950
 
35% (28.6%)
Over $311,950
Over $311,950
 

Individual Income Tax Returns, Preliminary Data, 2001

Gross Income
< $15,000
15 - $30,000
30 - $50,000
50 - $100,000
100 - $200,000
> $200,000
Num of Returns
38.2 M
30.1 M
24.5 M
26.5 M
8.4 M
2.5 M
Ave Income
$5,612
$21,960
$39,087
$69,466
$131,630
$539,327
Total Tax Liability
$7,2 B
$38.6 B
$88.4 B
$223.6 B
$193.556
$376.7 B
Ave Tax (Percent)
$489 (8.9%)
$1.755 ($7.9%)
$3.774 (9.6%)
$8,471 (12%)
$22,833 (17%)
$146,537 (%27%)

 

Otherwise you may proceed to other issue related pages:

Summary   Positions   Facts   Polls  Discussion    Also_See

Home   About us   Sponsors   Links   Staff   Site_Map   Contact Us


Note: As with all sites , this site is under construction. On the other hand at this time I consider it only a design site so that any links are missing, Graphics are missing etc. This is discussed in the TBD section