Instructions For Form 1040ez - 2008 Page 38

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Major Categories of Federal Income and Outlays for Fiscal Year 2007
Income and Outlays. These pie charts show the relative sizes of the major categories of federal income and outlays for fiscal year 2007.
Income
Outlays
Social security, Medicare,
Personal income
Law enforcement and
Social security,
and unemployment and
taxes
general government
Medicare, and other
other retirement taxes
43%
2%
retirement
1
32%
38%
Social
programs
4
19%
Excise, customs, estate,
National defense,
Physical, human,
Borrowing to
Corporate
gift, and miscellaneous
veterans, and
Net interest on
and community
cover deficit
income taxes
taxes
foreign affairs
2
the debt
development
3
6%
13%
6%
23%
9%
9%
On or before the first Monday in February of each year, the
2. National defense, veterans, and foreign affairs: About
President is required by law to submit to the Congress a
20% of outlays were to equip, modernize, and pay our
budget proposal for the fiscal year that begins the following
armed forces and to fund the Global War on Terrorism
October. The budget plan sets forth the President’s proposed
and other national defense activities; about 3% were for
receipts, spending, and the surplus or deficit for the Federal
veterans benefits and services; and about 1% were for
Government. The plan includes recommendations for new leg-
international activities, including military and economic
islation as well as recommendations to change, eliminate, and
assistance to foreign countries and the maintenance of
add programs. After receiving the President’s proposal, the
U.S. embassies abroad.
Congress reviews it and makes changes. It first passes a
3. Physical, human, and community development: These
budget resolution setting its own targets for receipts, outlays,
outlays were for agriculture; natural resources; environ-
and surplus or deficit. Next, individual spending and revenue
ment; transportation; aid for elementary and secondary
bills that are consistent with the goals of the budget resolu-
education and direct assistance to college students; job
tion are enacted.
training; deposit insurance, commerce and housing credit,
In fiscal year 2007 (which began on October 1, 2006, and
and community development; and space, energy, and
ended on September 30, 2007), federal income was $2.568
general science programs.
trillion and outlays were $2.730 trillion, leaving a deficit of
4. Social programs: About 13% of total outlays were for
$0.162 trillion.
Medicaid, food stamps, temporary assistance for needy
Footnotes for Certain Federal Outlays
families, supplemental security income, and related pro-
grams; and the remaining outlays were for health research
1. Social security, Medicare, and other retirement: These
and public health programs, unemployment compensa-
programs provide income support for the retired and dis-
tion, assisted housing, and social services.
abled and medical care for the elderly.
Note. The percentages on this page exclude undistributed offsetting receipts, which were $68 billion in fiscal year 2007. 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.
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