For every dollar the federal government spent in the fiscal year that ended two weeks ago:
- 35 cents came from individual income taxes
- 32 cents came from Social Security, Medicare and other retirement taxes
- 8 cents came from corporate income taxes
- 3 cents were generated by taxes on alcohol, tobacco, fuel, telephones, air transportation, etc. (excise taxes)
- 3 cents came from estate taxes, custom duties and government fees (such as $50 for a National Parks Pass)
- and 19 cents were borrowed from our children and grandchildren