During fiscal year 2016, the federal government took in $3.27 trillion. However, it spent $3.85 trillion, resulting in a budget deficit of $587 billion.
Individual income taxes brought in $1,546 billion and Social Security and other payroll tax brought in $1,115 billion. Corporate income taxes only brought in $300 billion and other taxes and duties brought in $306 billion.
The government spent $595 billion for defense, $916 billion on Social Security and $595 billion on Medicare. Other expenses, excluding interest, cost $1,507 billion. Interest on the debt cost $241 billion.
These figures are mind-boggling by any measure. What do you think?
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