Posts filed under “Taxes and Policy”

Tax Day Charts: Federal Revenues and Spending

Since its Tax Day, I thought we might take a look at where your tax dollars go and where they come from.

The first chart is Federal Revenues — what the sources of cash are from all sources. As you can see, the biggest revenue line is individual income taxes, accounting for 46% of revenues. Payroll taxes, split between the employer and employee, account for another 31.7%. Corporate taxes are a mere 13.5%, with assorted customs, duties and excise tax making up the last few percent.

 

Federal Revenues

 

What we spend those trillions on can be seen in the second chart:  33.6% goes to social security and Unemployment benefits; Medicare and health related spending captures another 26.6%. Next up, Military including Veterans benefits captures a huge 20.4% of the budget.

The last 2o% or so goes to lots of smaller departments: Interest on Debt grabs 6.3%, then Food & Agriculture take 3.3%, Transportation (2.6%), Housing (2.6%), Education (2.0%), Energy (1.1%) and Science (0.7%.)

 

Federal Spending

Source: National Priorities

Continues here

Category: Digital Media, Politics, Taxes and Policy

On Tax Day, Taxpayers Pick up $8 Billion Tab for Walmart and the Walton Family Report Provides State-by-State Estimates of Revenue Losses WASHINGTON — Walmart and the Waltons—America’s largest employer and richest family—received tax breaks and subsidies worth an estimated $7.8 billion in 2013, according to a report released today by Americans for Tax Fairness….Read More

Category: Really, really bad calls, Taxes and Policy, Wages & Income

The Accidental Success of the 401(k) Plan

Source: Bloomberg Visual Data

Category: 401(k), Digital Media, Taxes and Policy

States Most & Least Dependent on Federal Government

Source: Wallethub

Category: Digital Media, Taxes and Policy

The New Gilded Age

Source: Businessweek

Category: Economy, Taxes and Policy

The Fiscal Cliff and the Dynamics of Income

Category: Politics, Taxes and Policy, Think Tank, Wages & Income

What the 1% Believe vs the Public

Source: Know More   The rich are different – at least when it comes to their beliefs about education and social contracts safety nets. continues here

Category: Research, Taxes and Policy, Wages & Income

Should Congress Limit the Mortgage Interest Deduction?

Source: WSJ

Category: Taxes and Policy

Equilibrium Tax Rates and Income Redistribution

Category: Taxes and Policy, Think Tank

Category: Employment, Taxes and Policy, Think Tank