Fiscal Year 2012 Budget Revenue:
For the Fiscal Year 2012 Budget, the U.S. Federal government received $2.469 trillion in revenue. Income taxes contributed 47.2%, Social Security and Medicare taxes were 31.4%, corporate taxes were 9.6%, and the remaining 11.8% was to come from excise taxes, estate taxes and other miscellaneous sources. Here's the actual breakdown of tax amounts:
Income - $1.165 trillion.
Social Security and Medicare payroll taxes - $775 billion.
Corporate - $237 billion.
All other - $292 billion.
FY 2012 Budget Spending:
Spending came in at $3.793 trillion, more than the $3.7 trillion originally budgeted. Over half went towards Mandatory programs, such as Social Security, Medicare and Military Retirement programs. These expenditures are mandated by law, and cannot be changed without an act from Congress. $225 billion, or 5.9% of spending, was budgeted for interest payments on the national debt.
FY 2012 Mandatory Spending:
Mandatory spending was budgeted at $2.252 trillion, or 56% of the U.S. Federal budget. (now re-read this - the U.S. Federal government received $2.469 trillion in revenue.)
It included Social Security ($773 billion), and Medicare and Medicaid ($733 billion combined). Proposals enacted under the Economic Stimulus Act added $35 billion.(Source: U.S. Office of Management and Budget, FY 2013 Budget Summary Table S-5)
Last edited by KFWA; 11/12/12.
