Sometimes I get a curious wild hair about how much income the Federal Government takes in and how it is spent, etc.
Well, in 2021, the Federal Government took in $4.05 Trillion. That is 4,046 x $1 Billion.
51% of that came from Individual Income Taxes. ($2 Trillion)
31% of that came from Social Security and Medicare Taxes. ($1.2 Trillion)
9% of that came from Corporate Income Taxes. ($371.8 Billion)
4% came from Customs Duties/Excise Taxes (including Tariffs). ($155.3 Billion)
1% came from Estate and Gift Taxes. ($27.1 Billion)
The rest comes from all sorts of various revenues, including Unemployment Insurance
Note: Of the $2 Trillion in Individual Income Taxes paid, the “rich” who make $150,000 a year and up paid over 71% of that amount. How is it that we keep hearing that the “rich” are not paying their fair share? They’re paying 71% of all personal income taxes now!
In 2021, the Federal Government spent $6.82 Trillion! They borrowed $2.77 Trillion!!!!!!!!
24% was distributed as “Income Security”. (COVID freebies and giveaways) ($1.6 Trillion)
22% was distributed for Welfare related services. ($1.5 Trillion)
17% was sent out as Social Security/Medicare benefits. ($1.2 Trillion)
11% was spent on all Military related costs. ($717.6 Billion)
1% was spent on Homeland Security. (91.1 Billion)
<1% was spent on NASA. ($22.2 Billion)
<1% was spent on International Assistance Programs. ($20 Billion)
33% was spent on all the rest of stuff (Including a lot of pork!) ($2.2 Trillion)
Notice that we spent about the same on NASA as we gave away to other countries? Notice that Welfare and Social Security spending was over 3 times what we spent on our Military? Notice that Homeland Security got over 4 times what we spent on NASA?
Have you heard? Ecclesiastes 3:15b says, “God requires an account of what is past.”
Kelly Bullis is a Certified Public Accountant in Carson City. Contact him at 882-4459. On the web at BullisAndCo.com Also on Facebook.