Instructions For Form 1040ez - Income Tax Return For Single And Joint Filers With No Dependents - 2004 Page 33

ADVERTISEMENT

Major Categories of Federal Income and Outlays for Fiscal Year 2003
Income and Outlays. These pie charts show the relative sizes of the major categories of federal income and outlays for fiscal year 2003.
Income
Outlays
Social security, Medicare,
Personal income
Law enforcement and
Social security,
and unemployment and other
taxes
general government
Medicare, and other
1
retirement taxes
37%
3%
retirement
33%
37%
Social
programs
4
21%
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
2
affairs
the debt
3
development
17%
6%
7%
22%
7%
10%
On or before the first Monday in February of each year, the
2. National defense, veterans, and foreign affairs: About 18%
President is required by law to submit to the Congress a budget
of outlays were to equip, modernize, and pay our armed forces and
proposal for the fiscal year that begins the following October. The
to fund other national defense activities; about 3% were for veterans
budget plan sets forth the President’s proposed receipts, spending,
benefits and services; and about 1% were for international activi-
and the surplus or deficit for the Federal Government. The plan
ties, including military and economic assistance to foreign coun-
includes recommendations for new legislation as well as recom-
tries and the maintenance of U.S. embassies abroad.
mendations to change, eliminate, and add programs. After receiving
3. Physical, human, and community development: These out-
the President’s proposal, the Congress reviews it and makes
lays were for agriculture; natural resources; environment; transpor-
changes. It first passes a budget resolution setting its own targets for
tation; aid for elementary and secondary education and direct
receipts, outlays, and surplus or deficit. Next, individual spending
assistance to college students; job training; deposit insurance, com-
and revenue bills that are consistent with the goals of the budget
merce and housing credit, and community development; and space,
resolution are enacted.
energy, and general science programs.
In fiscal year 2003 (which began on October 1, 2002, and ended
4. Social programs: About 14% of total outlays were for Medi-
on September 30, 2003), federal income was $1.8 trillion and out-
caid, food stamps, temporary assistance for needy families, supple-
lays were $2.2 trillion, leaving a deficit of $0.4 trillion.
mental security income, and related programs; and the remaining
outlays were for health research and public health programs, unem-
Footnotes for Certain Federal Outlays
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 $54 billion in fiscal year 2003. 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 -

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial