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! It 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)
Less than 1% was spent on NASA. ($22.2 billion)
Less than 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 three times what we spent on our military? Notice that Homeland Security got over four 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.