Balancing Federal Budget

Topics: Income tax, Tax, Corporate tax Pages: 2 (613 words) Published: November 30, 2012
Jared Owen

| Revenues (in millions of dollars)|
| Individual Income Taxes| Corporate Income Taxes| Social Insurance and Retirement Receipts| Excise Taxes| Other| Total| 2011 Federal Budget| 1,091,473| 181,085| 818,792| 72,381| 139,735| 2,303,466| Your Budget| $1,391,473| $187,946| $800,000| $65,256| $159,000| $2,603,675| Difference| +$300,000| +$6,861| -$18,792| -$7,125| +$19,265| +$303,166|

| Expenditures (in millions of dollars)|
| 050 National Defense| Total-Spending categories 150-450| 500 Education| 550 Health| 570 Medicare| 600 Income Security| 650 Social Security| Total-Spending categories 700-950| Total| 2011 Federal Budget| 705,625| 257,662| 101,233| 372,500| 485,653| 597,352| 730,811| 352,225| 3,603,061| Your Budget| $505,644| $200,632| $110,000| $250,500| $479,222| $407,123| $450,351| 200,203| 2,603,675| Difference| -$199,981| -$57,030| +$8,767| -$122,000| -$6,431| -$190,229| -$280,460| -$152,022| -$999,386|

I am going to raise the individual income tax which might anger people; however I am lowering the excise taxes which is for gas, etc. I am also raising corporate income taxes because big franchise companies can afford to give up some of their income to be able to give more elsewhere. I thought lowering the social insurance and retirement receipts was a good idea because there are programs and benefits that are already implemented into this and the extra money will be put in areas that do not have extra help and rely just on the money inflow. I increased the other category because since it incorporates multiple programs, the big increase will be spread across a lot of different programs therefore, to each individual program it will not be a big increase. I lowered the National Defense spending because since we won the war overseas, we are bringing more and more troops home and even though it is not a “total peace time,” we do not have to spend as much as the...
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