Where the money comes from

In the fiscal year that ended just over 11 months ago (FY 2006) the federal government took in $2.4 trillion.

Here’s where the money came from (in billions):

Individual income taxes	$1,043.9
Corporation income taxes	353.9
Social insurance and retirement receipts	837.8
Excise taxes	74.0
Estate and gift taxes	27.9
Customs duties	24.8
Miscellaneous receipts	45.0
Total	$2,407.3

Excise taxes incude taxes on alcohol, tobacco, fuel, telephones, air transportation, etc. Miscellaneous receipts are fees you pay, such as $20 to visit a national park or $97 for your passport.

Put another way, 43 cents of every dollar came from income tax, 15 cents from the corporation tax, 35 cents from Social Security and Medicare taxes, and 7 cents from the rest.

Oh, and the government borrowed $248 million billion from our children and grandchildren.

Where the money goes.

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