Government Funds

The United States is intercommunicate to have revenues in 2007 of 2 .54 one thousand thousand dollars . Where does this money come from , and where does it go This is the question that this will practise . All figures will come from the Congressional Budgeting Office s 2007 BudgetOf the 2 .54 trillion dollars that the Federal Government will collect somebody income valueationes are projected to account for 1 .247 trillion dollars of in all revenues to the Federal Government . This figure stands at 49 .09 percent of revenues . Income revenuees are progressive , meaning that the more a person earns , the higher the tax rate for that person will be paysheet taxes , sociable credential and Medicare Part A , will add some otherwise 875 cardinal dollars to the Federal Government s budget . This figure stands at 34 .45 of Federal revenue . Payroll taxes partially investment company the costs of Social Security and Medicare Part A , with the tax rate being 12 .4 percent for Social Security , and 2 .9 percent for Medicare Part A On Payroll taxes , one half of the tax is paid by the employer , and the other half , or 7 .65 of income , is paid by the singular . People who are self-employed pay both halvesCorporate taxes stage the third largest income block for the Federal Government . In 2007 , an estimated 368 meg dollars will be paid by business . The quantity of tax due depends on the business profits during that yearThe 4th largest revenue source for the Federal Government is that of the excise tax . The excise tax is expected to collect 58 .7 million dollars for the Federal Government in the year 2007 . The excise tax is a collection of five different taxes , the highway , alcohol , airport tobacco , and other taxes . The highway tax is a tax on gasoline and diesel fuels , which comprises an estimated 37 .3 one thousand thousand dollars . The airport tax is a tax that is connected with airway tickets . The airport tax will collect an estimated 11 .4 meg dollars .

The alcohol tax is expected to raise another 9 one million million dollars for the excise tax . Tobacco and other multifaceted taxes 11 .9 billion dollars over the course of 2007Customs , estate , and variant taxes comprise the other taxes that the Federal Government collects . These taxes are projected to add 97 billion dollars to the Federal GovernmentDuring the 2007 budgeting cycle , realise outlays stand at 2 .8 billion dollars . Of all outlays , discretional spending is that largest expenditure of the authorities set at 714 .8 billion dollars Discretionary spending include services to the poor , civilize road retirement , children services , scientific research and developing justice , communications , labor , Indian affairs , horticulture , natural resources and environment , DHS , health , education /arts / humanistic discipline transportation , commerce /consumers , and the general governmentThe next largest expenditure of the government is on defense spending Defense spending accounts for 625 .2 billion dollars of the 2007 budget Out of this figure , most of the five branches of the soldiery are fundedSocial Security , with expenditures...If you want to get a wide-cut essay, order it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper