July 4, 2009

What's New

June 30, 2009

Aging, Costs, and Interaction

It has almost become axiomatic that growing health care costs, rather than population aging, is the overwhelming cause of a projected spike in...
June 25, 2009

The President’s Statutory PAYGO Proposal

Introduction
June 12, 2009

The Concord Coalition Series on Health Care and Medicare

This series is designed to illuminate how intertwined the health care challenge is with the nation's long-term fiscal challenge. As Congress and the...

The (Tab)ulation

Income Category	$ Billions	% of Outlays
Individual Income Taxes	1,146	39
Social Insurance Tax and Contributions	900	30
Corporate Income Taxes	304	10
Other Taxes	174	6
Totals	2,524	85%
Deficit	455	<15>%

Source: Final Monthly Treasury Statement September 2008
* Percentage column numbers might be altered to allow total to equal 100%

"Other Taxes" includes excise taxes, estate and gift taxes, customs duties and other miscellaneous receipts.
Income figures are represented as a percentage of outlays. FY2008 income was 85% of outlays, which is another way of saying we had a 15% deficit. The federal government collected $2 trillion, 524 billion and borrowed $455 billion in the open market by selling U.S. Treasury securities.

This budget exercise was developed by the Concord Coalition.
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