Instructions For Form 1040ez - Income Tax Return For Single And Joint Filers With No Dependents - Internal Revenue Service - 2007 Page 33
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36Major Categories of Federal Income and Outlays for Fiscal Year 2006
Income and Outlays. These pie charts show the relative sizes of the major categories of federal income and outlays for fiscal year 2006.
Income
Outlays
Social security, Medicare,
Personal income
Law enforcement and
Social security,
and unemployment and other
taxes
general government
Medicare, and other
retirement taxes
39%
2%
retirement
1
32%
36%
Social
programs
4
19%
Excise, customs, estate,
National defense,
Physical, human,
Borrowing to
Corporate
gift, and miscellaneous
veterans, and foreign
Net interest on
and community
cover deficit
income taxes
taxes
affairs
2
the debt
development
3
9%
13%
7%
23%
8%
12%
On or before the first Monday in February of each year, the Presi-
2. National defense, veterans, and foreign affairs: About 19%
dent is required by law to submit to the Congress a budget proposal
of outlays were to equip, modernize, and pay our armed forces and
for the fiscal year that begins the following October. The budget
to fund the Global War on Terrorism and other national defense
plan sets forth the President’s proposed receipts, spending, and the
activities; about 3% were for veterans benefits and services; and
surplus or deficit for the Federal Government. The plan includes
about 1% were for international activities, including military and
recommendations for new legislation as well as recommendations
economic assistance to foreign countries and the maintenance of
to change, eliminate, and add programs. After receiving the
U.S. embassies abroad.
President’s proposal, the Congress reviews it and makes changes. It
3. Physical, human, and community development: These out-
first passes a budget resolution setting its own targets for receipts,
lays were for agriculture; natural resources; environment; transpor-
outlays, and surplus or deficit. Next, individual spending and reve-
tation; aid for elementary and secondary education and direct
nue bills that are consistent with the goals of the budget resolution
assistance to college students; job training; deposit insurance, com-
are enacted.
merce and housing credit, and community development; and space,
energy, and general science programs.
In fiscal year 2006 (which began on October 1, 2005, and ended
on September 30, 2006), federal income was $2.407 trillion and
4. Social programs: About 13% of total outlays were for Medi-
outlays were $2.655 trillion, leaving a deficit of $0.248 trillion.
caid, food stamps, temporary assistance for needy families, supple-
mental security income, and related programs; and the remaining
Footnotes for Certain Federal Outlays
outlays were for health research and public health programs, unem-
ployment compensation, assisted housing, and social services.
1. Social security, Medicare, and other retirement: These
programs provide income support for the retired and disabled and
medical care for the elderly.
Note. The percentages on this page exclude undistributed offsetting receipts, which were $68 billion in fiscal year 2006. In the budget, these receipts are offset against spending in
figuring the outlay totals shown above. These receipts are for the U.S. Government’s share of its employee retirement programs, rents and royalties on the Outer Continental
Shelf, and proceeds from the sale of assets.
- 33 -
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