View
545
Download
3
Category
Preview:
DESCRIPTION
The federal budget in 2013
Citation preview
TheFEDERALBUDGET IN 2013 A Closer Look at Revenues
Funds collected from the public that arise from the government’s exercise of its sovereign powers
All data are for federal fiscal years,which run from October 1 to September 30.
Numbers may not add up to totals because of rounding.
REVENUES, $2.8 Tri l l ion
SPENDING, $3.5 Tri l l ion
Mandator y$2.0 Tr i l l ion
Discret ionar y$1.2 Tr i l l ion
Net Interest$0.2 Tr i l l ionF
ISC
AL
YE
AR
20
13
Individual Income Taxes
Corporate Income Taxes
Social Insurance(Payroll) Taxes
Other
0 200 400 600 800 1,000 1,200 1,400
IndividualIncome Taxes$1,316 Billion
Social Insurance(Payroll) Taxes
$948 Billion
CorporateIncome Taxes
$274 Billion
Other$237 Billion
Old-Age, Survivors, and Disability Insurance
Excise Taxes
FederalReserveEarnings
Miscellaneous Fees and Fines
CustomsDuties
Hospital Insurance Other
$673 $209 $66
Estate and Gift Taxes
$84 $76 $32$19
$27
Prepared by Maureen Costantino and Jonathan Schwabish
Source: Congressional Budget Office, April 2014
Contact: CBO Tax Analysis Division
For more details, see CBO’s Updated Budget Projections: 2014 to 2024
(April 2014), http://go.usa.gov/k2TA.
Trends in RevenuesPercentage of gross domestic product
Revenues in 2013Billions of dollars
0
2
4
6
8
10
1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
Omnibus Budget Reconciliation Act of 1993
Taxpayer ReliefAct of 1997
Economic Growth and Tax ReliefReconciliation Actof 2001
Jobs and Growth Tax ReliefReconciliation Act of 2003
Tax Relief,Unemployment Insurance Reauthorization, and Job Creation Act of 2010
American Taxpayer Relief Act of 2012
Recession Recession
Revenues at a Glance
Revenues received bythe federal government
in 2013
$2.8 TrillionReceipts in 2013 from
individual income taxes, the largest source
of revenues
$1.3 TrillionRevenues as a
percentage of gross domestic product in 2013
Average revenues as a percentage of gross
domestic product between 1993 and 2012
16.7% 17.2%
Recommended