Every year the IRS publishes instructions to prepare your Form 1040, individual tax return. The publication for 2019 is a whopping 108 pages! On page 103 of the IRS booklet is a summary of collections (income) and spending (outlays) by the federal government. Given the election year, here is a summary of this recap and some general observations.*
23%: The amount of annual spending with no income to cover it.
63%: The amount of spending for social programs, Social Security and Medicare.
20%: National defense (15%), veterans benefits (4%), foreign aid (1%)
8%: Amount of annual budget required to pay interest on prior year deficits.
Want to learn more?
The website www.usafacts.org is a great resource for an objective review of the numbers. This nonprofit is committed to providing the figures and letting you decide what they mean to you.
*for the fiscal year 2018 ending September 30, 2018.
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