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The United States spent $725 billion on national defense during fiscal year (FY) 2020 according to the Office of Management and Budget, which amounts to 11 percent of federal spending.
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 current budget process is ill-suited for managing the nation’s long-term fiscal affairs. Learn about possible reforms to reimagine the budget process.
Tax reform done right will promote economic growth, increase fairness and simplicity, and improve the nation’s fiscal outlook.
The budgetary and economic effects of proposed tax legislation are a critical element of the debate.
The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy.