Tax revenue breakdown: This is what the funds the federal government annually

U.S. Treasury Fiscal Data: Reports $5.23 trillion total federal revenue at 17% of GDP in the year 2024. Breakdown of tax revenue:

• Individual income taxes 42% or $2.20 trillion total collected

• Payroll taxes (social security, medicare) about 30% or $1.57 trillion

• Corporate income taxes about 9% or $470,700 million

• Other sources (excise taxes, customs and estate/gift taxes) about 12% or $627,600 million

Payroll and individual taxes=72% of revenue paid by individuals

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The numbers don't lie. The federal government receives an annual income just like we do. If they spend more than they bring in they must borrow it from a bank. Most of these banks are outside the United States. More about that later.

If we spend more than we make, we have to borrow from credit cards, banks or even our home equity.

Most working families we realize to either live within our means or cut our spending.

THAT'S CALLED FINANCIAL RESPONSIBILITY.

The chart below lays out how much money the government had to borrow to pay it's bills. Only 2 president's have balanced the budget before leaving office (they are in green

*A-Mark Foundation. (2023, July 5). U.S. Presidents and the Federal Deficit. Retrieved from https://amarkfoundation.org/reports/u-s-presidents-and-the-federal-deficit/ on 2026, March 5