In this lesson on Federal Budget, you will learn the following concepts:
1. What was the revenue received by the government in 2004 and 2010?
2. What was the government spending in 2004 and 2010?
3. What is included in the 2020 U.S. Federal Government Budget?
4. What are the functions and the sub-functions of government spending?
1. What was the revenue received by the government in 2004 and 2010?
2. What was the government spending in 2004 and 2010?
3. What is included in the 2020 U.S. Federal Government Budget?
4. What are the functions and the sub-functions of government spending?
In this lesson on Federal Budget, you will learn the following concepts:
1. What was the revenue received by the government in 2004 and 2010?
2. What was the government spending in 2004 and 2010?
3. What is included in the 2020 U.S. Federal Government Budget?
4. What are the functions and the sub-functions of government spending?
1. What was the revenue received by the government in 2004 and 2010?
2. What was the government spending in 2004 and 2010?
3. What is included in the 2020 U.S. Federal Government Budget?
4. What are the functions and the sub-functions of government spending?
Federal Budget (3:02 minutes)
Reffonomics.com 3 x 3 Videos (3-minute videos + 3 Multiple Choice Questions)
U.S. Federal Government Budget
| Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) The 2015 University of Arizona Five-Star Faculty Award |
The president’s Fiscal Year 2019 budget, in book form, is on display after arriving on Capitol Hill in Washington on Monday. (AP Photo/Susan Walsh)
Each of the packages above contains the 2019 U.S. Federal Government Budget
with the following number of pages:
with the following number of pages:
2019 Federal Budget: 160 pages
2019 Federal Budget Appendix: 1,320 pages
2019 Historical Tables Introductory 23 pages
2019 Historical Tables: 362 pages
2019 Federal Budget Appendix: 1,320 pages
2019 Historical Tables Introductory 23 pages
2019 Historical Tables: 362 pages
Shown below you are given a a timeline of when the President submits the next year's
budget to Congress in February until it is submitted by Congress to the President for
a signature or a veto ( https://www.usa.gov/budget ).
budget to Congress in February until it is submitted by Congress to the President for
a signature or a veto ( https://www.usa.gov/budget ).
To get a basic idea of what is contained in these pages, play the three lessons below
that show a comparison between the 2004 and 2010 U.S. Federal Budgets:
that show a comparison between the 2004 and 2010 U.S. Federal Budgets:
Now that you have a basic idea of the U.S. Federal Government Budget receipts (taxes)
and outlays (government spending), listed below are the 2020 Federal Government Budget
receipts listed by categories and amounts.
and outlays (government spending), listed below are the 2020 Federal Government Budget
receipts listed by categories and amounts.
Remember from your earlier study of the Circular Flow, there are three sectors in the
economy: private sector (individuals, households, and firms); public sector (government);
and international sector (foreign countries' private and public sectors).
Looking at the 2020 U.S. Federal Government Budget Receipts above notice:
Individual income taxes are paid by the private sector -- individuals and households.
Corporate income taxes are paid by the private sector -- firms.
Social insurance taxes and contributions are paid by the private sector -- individuals
and households and Social Security tax matched by firms and self employed
individuals.
NOTE: Social Security tax is 7.65% taken out each worker's paycheck up to $137,700,
which is an increase of $4,800 from $132,900 in 2019. Employers and self employed
individuals have to match this 7.65% tax.
Medicare taxes (the other contribution) is taxed at 1.45%. As in 2019, wages paid in
excess of $200,000 in 2020 will be subject to an extra 0.9% Medicare tax withholding
that will only be withheld from employees' wages, as employers do not pay the extra
tax.
Excise taxes are paid by the private sector -- individuals, households, and/or firms.
Estate and gift taxes are paid by the private sector -- individuals and households.
Custom duties are paid by the private sector --individuals, households, firms, and
international sector by either higher prices passed on to consumers and/or increased
cost passed on to firms or the international sector.
economy: private sector (individuals, households, and firms); public sector (government);
and international sector (foreign countries' private and public sectors).
Looking at the 2020 U.S. Federal Government Budget Receipts above notice:
Individual income taxes are paid by the private sector -- individuals and households.
Corporate income taxes are paid by the private sector -- firms.
Social insurance taxes and contributions are paid by the private sector -- individuals
and households and Social Security tax matched by firms and self employed
individuals.
NOTE: Social Security tax is 7.65% taken out each worker's paycheck up to $137,700,
which is an increase of $4,800 from $132,900 in 2019. Employers and self employed
individuals have to match this 7.65% tax.
Medicare taxes (the other contribution) is taxed at 1.45%. As in 2019, wages paid in
excess of $200,000 in 2020 will be subject to an extra 0.9% Medicare tax withholding
that will only be withheld from employees' wages, as employers do not pay the extra
tax.
Excise taxes are paid by the private sector -- individuals, households, and/or firms.
Estate and gift taxes are paid by the private sector -- individuals and households.
Custom duties are paid by the private sector --individuals, households, firms, and
international sector by either higher prices passed on to consumers and/or increased
cost passed on to firms or the international sector.
Listed below are the 2020 Federal Budget Government Outlays (Government Spending) listed
by Function.
by Function.
Budget Receipts (Taxes) by Source
Budget Outlays (Government Spending) by Function
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2020 U.S. Federal Government Budget
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