The federal government collected $3.3 trillion in the fiscal year 2017. That’s right, trillion.
Most of that money came from your pocket and mine. Nearly half, $1.6 trillion, was collected directly in income taxes.
We also paid $1.3 trillion in payroll taxes along with our employers to fund Social Security and other programs.
Corporate taxes of $297 billion and additional taxes or revenue sources including estate, excise, gift taxes, and other fines round out where Uncle Sam gets his money.
How do our national leaders spend $3.3 trillion, which by the way is more than the economies of nearly every other nation except the EU, China, Japan, and Germany?
Actually, they spent $4 trillion in FY 2017 — meaning they spent well beyond our means.
If only we could keep Washington on a budget. Maybe take away the taxpayer debit card?
Unfortunately, it’s not that easy. Three-quarters of every federal dollar coming in is already spent before our elected officials can fund the priorities that matter to us.
Check out this video to find out: Breaking Down the Budget: Just where do our tax dollars go?