US PUBLIC DEBT $14.3 TRILLION
DEBT PER CITIZEN (TAX PAYING OR NOT) $46,624
DEBT PER TAX PAYING CITIZEN $130,000
INCOME & EXPENDITURE:
INCOME: US FEDERAL TAX REVENUE $2.19 TRILLION COMPRISING
PERSONAL INCOME TAX $949 BILLION
PAYROLL TAXES (INCLUDING SOCIAL SECURITY ETC.) $839 BILLION
CORPORATE TAXES $196 BILLION
OTHER $206 BILLION
EXPENDITURE: US ANNUAL EXPENDITURE $3.456 TRILLION
DEFENSE $702 BILLION
SOCIAL SECURITY $716 BILLION
MEDICARE $823 BILLION
TOTAL OF THESE 3 ITEMS $2.24 TRILLION
THESE THREE ITEMS ALONE EXCEED TOTAL US REVENUE
INCOME SECURITY $421 BILLION
INTEREST ON DEBT $213 BILLION
FEDERAL PENSIONS $213 BILLION
OTHER $368 BILLION
(Source: US Debt Clock.org, The Globe and Mail)
Which Corporation or business in the world spends 154% of what it earns and still survives?
Apart from excessive expenditure on first three items, the main culprit is the US Corporations. They earn billions of dollar each quarter and pay only $196 billion in taxes, which is a mere 20% of what private citizens pay in personal taxes!
More wars anyone?
2 comments:
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