Friday, August 19, 2011

Quick Facts: US Debt and Revenue


Source: Press TV
http://www.presstv.ir/usdetail/194734.html

Estimates show that the United States federal debt will reach nearly $15.5 trillion by the end of 2011. The debt can be broken down into two parts: debt held by the government and debt held by the public.

Debt Held by Government Accounts

Debt held by government accounts represent balances in the federal government's accounts -- primarily trust funds -- that accumulate surpluses. Trust funds for Social Security, Medicare, Military Retirement and Healthcare, and Civil Service Retirement and Disability account for almost all of the total debt held by government accounts. GAO

Debt held by the government includes federal deficit which amounts to $1.65 trillion and total government spending that amounts to $3.8 trillion. Total spending includes:

1) Pensions: $0.8 trillion
2) Healthcare: $0.9 trillion
3) Education: $0.1
4) Defense: $1 trillion
5) Welfare: $0.5 trillion
6) Protection which includes police services, law courts and prisons: $61billion

7) Transportation: $95 billion
8) General government which includes executive and legislative organs as well as general services: $33 billion

9) Interest: $206 billion

Debt Held by Public

The Debt Held by the Public is all federal debt held by individuals, corporations, state or local governments, foreign governments, and other entities outside the United States Government less Federal Financing Bank securities. Types of securities held by the public include, but are not limited to, Treasury Bills, Notes, Bonds, TIPS, United States Savings Bonds, and State and Local Government Series securities. Treasury Direct

Current U.S. federal debt held by the public is nearly $10 trillion. CS Monitor

According to the Treasury, in May 2011, around 47 percent of the debt held by the public was held outside the U.S. Congress.org

At the end of 2010, U.S. individuals held 12 percent of the public debt, the Federal Reserve held 9 percent of the public debt, and pension and retirement funds, mutual funds, and state and local governments totally held 32 percent of the public debt. CS Monitor

Federal Government Revenue (2011)

Total Direct Revenue: $2.2 trillion which includes

1. Income Taxes: $1.2 trillion
a. Individual Income Tax: $1trillion
b. Corporate Income Tax: $200 billion

2. Social Insurance Taxes: $800 billion
a. Old Age Survivors Insurance
b. Disability Insurance
c. Hospital Insurance
d. Unemployment Insurance
e. Employee Retirement Insurance
f. Railroad Retirement Insurance

3. Ad-valorem Taxes: $130 billion

Ad valorem taxes can be property tax or even duty on imported items. Property ad valorem taxes are the major source of revenue for state and municipal governments.

4. Business and Other Revenue: $80 billion

Source: U.S. Government Revenue

Federal Deficit

Total Revenue: $2.2 trillion - Total Spending: $3.8 trillion = Federal Deficit: $-1.6 trillion

Source: U.S. Government Revenue

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