Income and Outlays

• Under Income:
• • Personal income taxes: 26%
  • Social security, Medicare, and unemployment and other retirement taxes: 25%
  • Excise, customs, estate, gift, and miscellaneous taxes: 5%
  • Corporate income taxes: 4%
  • Borrowing to cover deficit: 40%
• Under Outlays:
• • Social security, Medicare, and other retirement (see Footnote 1): 25%. Footnote 1: Social security, Medicare, and other retirement: These programs provide income support for the retired and disabled and medical care for the elderly.
  • National defense, veterans, and foreign affairs (see Footnote 2): 22%. Footnote 2: National defense, veterans, and foreign affairs: About 20% of outlays were to equip, modernize, and pay our armed forces and to fund other national defense activities; about 3% were for veterans benefits and services; and about 1% were for international activities, including military and economic assistance to foreign countries and the maintenance of United States embassies abroad.
  • Social programs (see Footnote 4): 13%. Footnote 4: Social programs: About 13% of total outlays were for Medicaid, food stamps, temporary assistance for needy families, supplemental security income, and related programs; and the remaining outlays were for health research and public health programs, unemployment compensation, assisted housing, and social services.
  • Physical, human, and community development (see Footnote 3): 9%. Footnote 3: Physical, human, and community development: These outlays were for agriculture; natural resources; environment; transportation; aid for elementary and secondary education and direct assistance to college students; job training; deposit insurance, commerce and housing credit, and community development; and space, energy, and general science programs.
  • Net interest on the debt: 9%
  • Law enforcement and general government: 2%

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