Understanding the Budget: Revenues
The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy.
https://www.pgpf.org/finding-solutions/understanding-the-budget/revenues
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The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy.
https://www.pgpf.org/finding-solutions/understanding-the-budget/revenues
The United States lost an estimated $1.8 trillion in revenues through tax expenditures in 2023.
https://www.pgpf.org/blog/2024/03/6-key-charts-on-tax-breaks
Most options to increase revenues relate to the payroll tax, since that is where most funding for the trust fund stems from today.
https://www.pgpf.org/blog/2023/10/strengthening-medicare-options-to-increase-revenues
Interest costs are on track to become the largest category of spending in the federal budget.
https://www.pgpf.org/budget-basics/what-are-interest-costs-on-the-national-debt
Social Security is the primary source of government-funded retirement support in the United States.
https://www.pgpf.org/blog/2022/11/social-security-reform-options-to-raise-revenues
Despite a growing economy and low unemployment, federal budget deficits are projected to grow over the next 10 years.
https://www.pgpf.org/blog/2019/01/five-charts-that-summarize-cbos-budget-and-economic-outlook
The retirement of the large baby boom generation will sharply push up the number of people claiming benefits each year.
https://www.pgpf.org/analysis/the-social-security-trustees-report-in-charts
Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.
Coronavirus relief legislation is expected to increase federal deficits by $2.4 trillion over the next decade.
These charts tell the fiscal story of 2022 — looking back at how our fiscal situation deteriorated over the past year and what challenges lie ahead.