Jul 082013
 
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The Office of Management and Budget annually provides a report on U.S. federal government spending and revenue.

The first set of numbers uses Table 1.3 of the budget. The numbers are inflation adjusted, displaying all dollar amounts in constant fiscal year 2005 dollars, as provided by the Office of Management and Budget. Therefore, dollar amounts prior to year 2005 are inflated and dollar amounts after 2005 are deflated. For example, U.S. federal government expenditures in 1940 were $9.5 billion dollars; that spending level is the equivalent of $117.8 billion in 2005 dollars. Likewise, U.S. federal government expenditures in 2009 were $3,517.7 billion dollars; that spending level is the equivalent of $3,176.8 billion in 2005 dollars.

  • In 2012, total U.S. federal government expenditures were $3,022,200,000,000, or $3.02 trillion.
  • In 2012, total U.S. federal government revenue was $2,093,400,000,000, or $2.09 trillion.
  • The deficit in 2012 was $929 billion ($2.09 trillion – $3.02 trillion).
  • In 2007, total federal government expenditures were $2,564,100,000,000, or $2.56 trillion.
  • If the federal government spent the same, inflation adjusted, in 2012 as it did in 2007, it would have had a deficit of $471 billion ($2.09 trillion – $2.56 trillion). Therefore, the U.S. federal government deficit, inflation adjusted, was almost double what the deficit would have been had the government increased spending by the rate of inflation.
  • In 2007, total U.S. federal government revenue was $2,413,100,000,000, or $2.41 trillion.
  • The deficit in 2007 was $151 billion ($2.41 trillion – $2.56 trillion).
  • In 1997, total U.S. federal government expenditures were $1,915,200,000,000, or $1.92 trillion.
  • If the federal government spent the same, inflation adjusted, in 2007 as it did in 1997, it would have had a surplus of $498 billion ($2.41 trillion – $1.92 trillion) instead of a deficit of $151 billion.

The following numbers (second set of this article) use Table 2.1 of the budget in addition to Table 1.3 and are NOT inflation adjusted.

  • In 2012, total U.S. federal government revenue was $2,450,200,000,000, or $2.45 trillion.
  • Of that $2.45 trillion in revenue in 2012, revenue from individual income taxes was $1,132,206,000,000, or $1.13 trillion.
  • In 2012, total federal government expenditures were $3,537,100,000,000, or $3.54 trillion.
  • The deficit in 2012 was $1.09 trillion ($2.45 trillion – $3.54 trillion).
  • In 2007, total federal government expenditures were $2,728,700,000,000, or $2.73 trillion.
  • If the federal government spent the same in 2012 as it did in 2007, without collecting any individual income taxes, it would have had a $1.41 trillion deficit ($2.45 trillion – $1.13 trillion – $2.73 trillion). Therefore, if the U.S. federal government in 2012 ABOLISHED ALL INCOME TAXES and spent the same in 2012 as it did in 2007, its deficit would have been $324 billion dollars higher than it was with income tax revenue ($1.41 trillion – $1.09 trillion).
  • In 2007, total U.S. federal government revenue was $2,568,000,000,000, or $2.57 trillion.
  • Of that $2.57 trillion in revenue in 2007, revenue from individual income taxes was $1,163,472,000,000, or $1.16 trillion.
  • In 2007, total federal government expenditures were $2,728,700,000,000, or $2.73 trillion.
  • The deficit in 2007 was $161 billion ($2.57 trillion – $2.73 trillion).
  • In 1997, total federal government expenditures were $1,601,100,000,000, or $1.60 trillion.
  • If the federal government spent the same in 2007 as it did in 1997, without collecting any individual income taxes, it would have had a $197 billion deficit ($2.57 trillion – $1.16 trillion – $1.60 trillion). Therefore, if the U.S. federal government in 2007 ABOLISHED ALL INCOME TAXES and spent the same in 2007 as it did in 1997, its deficit would have been $36 billion dollars higher than it was with income tax revenue ($197 billion – $161 billion).

To view the source data, click on Budget of the United States Government.

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