Here's a breakdown of the federal government's outlays and revenue in 2020, based on CBO data:
-Total outlays: $4.4 trillion
-Individual income tax revenue: $2.8 trillion (63% of outlays)
-Total revenue: $3.4 trillion (outlays exceeded revenue, resulting in a budget deficit)
In other words, individual income tax revenue covered about 63% of the federal government's spending in 2020. T
The remaining 37% was covered by other revenue sources, such as payroll taxes, corporate income taxes, and borrowing (i.e., the budget deficit).
Byzantine
npub1t5w…6dke
2024-06-14 04:20:17
in reply to nevent1q…jseq
Author Public Key
npub1t5wc8h37uhkau9tsw82sjxndq04d3n8p634utpdfvs4tm5xmt2sqgk6dkePublished at
2024-06-14 04:20:17Event JSON
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"content": "Here's a breakdown of the federal government's outlays and revenue in 2020, based on CBO data:\n\n-Total outlays: $4.4 trillion\n-Individual income tax revenue: $2.8 trillion (63% of outlays)\n\n-Total revenue: $3.4 trillion (outlays exceeded revenue, resulting in a budget deficit)\n\nIn other words, individual income tax revenue covered about 63% of the federal government's spending in 2020. T\n\nThe remaining 37% was covered by other revenue sources, such as payroll taxes, corporate income taxes, and borrowing (i.e., the budget deficit).",
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