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Fiscal Policy: Government spending, taxes, budget processes, - Essay Example

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There are three major categories of revenues for the federal government, namely, (a) individual incomes taxes, (b) corporate income taxes and (c) social insurance taxes. According to the report of the Office of Management and Budget (OMB), in 2009, the federal government…
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Fiscal Policy: Government spending, taxes, budget processes,

Download file to see previous pages... The report said that the 2009 Fiscal Year revenue collection is $400 billion lower than the previous year. The report pointed out that the individual income taxes declines as 20% while corporate declined by about 50%. The report concluded that the 2009 federal tax collection is the lowest in the past 50 years.
There are three major categories of expenditures for the federal government, namely, (a) discretionary spending, (b) mandatory spending and (c) net interest. According to the Office of Management and Budget (OMB), the federal government spent nearly $3.52 trillion in 2009 (see Office of Management and Budget 2011 Budget-Summary Table S-3). This amount is about 18% higher than the expenditures of the government in 2008 which only amounted to $2.97 trillion (see Office of Management and Budget 2011 Budget-Summary Table S-3). Of the total expenditures of the federal government 23% or $782B went to Defense and Homeland Security, 20% or $678 B went to Social Security, and 19% or 676B went to Medicare & Medicaid (see Office of Management and Budget 2011 Budget-Summary Table S-3).
According to the Congressional Budget Office (CBO), the national debts of the United States have been increasing since World War II (see Congressional Budget office). The debt momentarily decreased between 1992 and 2000 but it rose sharply 2001 up to the present (Congressional Budget office). According to the Congressional Budget Office, as of 2008, the debts of the United States are already equivalent to 70.2% of the GDP and this amount is expected to increase up to 100.6% by the end of 2012. According to the Analytical Perspectives, Budget of the United States Government, Fiscal Year 2008 published by the Executive Office of the President, the United States debts which are in the hands of foreign government is about 25% of the total debts of the country. The ...Download file to see next pagesRead More
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