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Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
“It makes no sense that we allow programs as essential as Social Security and Medicare to remain on such shaky and uncertain fiscal ground," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Public schools for students in kindergarten through 12th grade are financed through a combination of local, state, and federal dollars in proportions that vary across and within states.
Presently, revenues raised by the corporate income tax represent the third-largest category of federal tax revenue in the United States, trailing those generated from the individual income and payroll taxes.
The child tax credit (CTC) is a measure administered though the tax code that is designed to make raising children more affordable by easing the financial burden faced by families.
The earned income tax credit (EITC) is a measure administered through the tax code to address poverty. It was first enacted in 1975 on a temporary basis amid broader debates about welfare reform and had the primary goal of encouraging people to obtain employment.
Most working Americans are subject to payroll taxes, which are usually deducted automatically from an employee’s paycheck. Employers are also often subject to these types of taxes.
The fairness of our federal tax system is a hotly debated issue. Too often, however, those debates confuse or misrepresent important facts because they focus on one type of tax in isolation rather than the various taxes that people face in aggregate.
Medicaid’s role in state budgets is unique, since the program acts as both an expenditure and the largest source of federal support in state budgets.