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Infographic: Revenues in 2013

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The federal budget in 2013

The federal budget in 2013

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  • 1. The FEDERAL BUDGET IN 2013 A Closer Look at Revenues Funds collected from the public that arise from the government’s exercise of its sovereign powers All data are for federal fiscal years, which run from October 1 to September 30. Numbers may not add up to totals because of rounding. REVENUES, $2.8 Trillion SPENDING, $3.5 Trillion Mandatory $2.0 Trillion Discretionary $1.2 Trillion Net Interest $0.2 Trillion FISCALYEAR2013 Individual Income Taxes Corporate Income Taxes Social Insurance (Payroll) Taxes Other 0 200 400 600 800 1,000 1,200 1,400 Individual Income Taxes $1,316 Billion Social Insurance (Payroll) Taxes $948 Billion Corporate Income Taxes $274 Billion Other $237 Billion Old-Age, Survivors, and Disability Insurance Excise Taxes Federal Reserve Earnings Miscellaneous Fees and Fines Customs Duties Hospital Insurance Other $673 $209 $66 Estate and Gift Taxes $84 $76 $32 $19 $27 Prepared by Maureen Costantino and Jonathan Schwabish Source: Congressional Budget Office, April 2014 Contact: CBO Tax Analysis Division For more details, see CBO’s Updated Budget Projections: 2014 to 2024 (April 2014), http://go.usa.gov/k2TA. Trends in Revenues Percentage of gross domestic product Revenues in 2013 Billions of dollars 0 2 4 6 8 10 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 Omnibus Budget Reconciliation Act of 1993 Taxpayer Relief Act of 1997 Economic Growth and Tax Relief Reconciliation Act of 2001 Jobs and Growth Tax Relief Reconciliation Act of 2003 Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 American Taxpayer Relief Act of 2012 Recession Recession Revenues at a Glance Revenues received by the federal government in 2013 $2.8 Trillion Receipts in 2013 from individual income taxes, the largest source of revenues $1.3 Trillion Revenues as a percentage of gross domestic product in 2013 Average revenues as a percentage of gross domestic product between 1993 and 2012 16.7% 17.2%