CargoAdmin, Bureaucrats, Moderators (CommentStreams), fileuploaders, Interface administrators, newuser, Push subscription managers, Suppressors, Administrators
14,662
edits
Federal government of the United States: Difference between revisions
m
Text replacement - "fiscal year" to "fiscal year"
m (Text replacement - "American Civil War" to "American Civil War") |
m (Text replacement - "fiscal year" to "fiscal year") |
||
| Line 170: | Line 170: | ||
[[File:Federal Revenue and Spending.png|thumb|upright=1|Federal revenue and spending of the U.S. federal government as of 2021]] | [[File:Federal Revenue and Spending.png|thumb|upright=1|Federal revenue and spending of the U.S. federal government as of 2021]] | ||
[[File:Federal debt to Federal revenue ratio.webp|thumb|upright=1|The [[financial ratio]] of federal debt to federal revenue from 1996 through 2022]] | [[File:Federal debt to Federal revenue ratio.webp|thumb|upright=1|The [[financial ratio]] of federal debt to federal revenue from 1996 through 2022]] | ||
The budget document often begins with the [[President of the United States|president]]'s proposal to [[U.S. Congress|Congress]] recommending funding levels for the next | The budget document often begins with the [[President of the United States|president]]'s proposal to [[U.S. Congress|Congress]] recommending funding levels for the next fiscal year, beginning October 1 and ending on September 30 of the year following. The fiscal year refers to the year in which it ends. | ||
For fiscal year (FY) 2018, the federal government spent $4.11 trillion. Spending equaled 20.3% of [[gross domestic product]] (GDP), equal to the 50-year average.<ref name="CBO_Nov182">{{Cite web |url=https://www.cbo.gov/publication/54647 |title=CBO Monthly Budget Review-November 2018 |date=November 7, 2018 |access-date=December 6, 2018 |archive-date=December 5, 2018 |archive-url=https://web.archive.org/web/20181205194634/https://www.cbo.gov/publication/54647 |url-status=live }}</ref> The deficit equaled $779 billion, 3.8 percent of GDP. Tax revenue amounted to $3.33 trillion, with receipt categories including individual income taxes ($1,684B or 51%), Social Security/Social Insurance taxes ($1,171B or 35%), and corporate taxes ($205B or 6%).<ref name="CBO_Nov182"/> | For fiscal year (FY) 2018, the federal government spent $4.11 trillion. Spending equaled 20.3% of [[gross domestic product]] (GDP), equal to the 50-year average.<ref name="CBO_Nov182">{{Cite web |url=https://www.cbo.gov/publication/54647 |title=CBO Monthly Budget Review-November 2018 |date=November 7, 2018 |access-date=December 6, 2018 |archive-date=December 5, 2018 |archive-url=https://web.archive.org/web/20181205194634/https://www.cbo.gov/publication/54647 |url-status=live }}</ref> The deficit equaled $779 billion, 3.8 percent of GDP. Tax revenue amounted to $3.33 trillion, with receipt categories including individual income taxes ($1,684B or 51%), Social Security/Social Insurance taxes ($1,171B or 35%), and corporate taxes ($205B or 6%).<ref name="CBO_Nov182"/> | ||