Balance US Govt Budgets
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RevenuesActual PlannedYour New PlanAdjust Green Cells for your New Gov'tAll cells locked but column K.
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U.S. Federal, State, and Local GovernmentsSee blog for explanatory notes:https://www.linkedin.com/pulse/create-your-own-us-government-budget-dave-costenaro
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CategorySub-CategoryFedGov. TransferStateLocalTotal 2016 Revenues ($ Billions)Your Proposed New Revenues ($ Billions)Current Effective Tax Rate (fed+state+local)Proposed New Tax Rate2016 Basis QuantityNew Adjusted BasisBasis DescriptionSources & NotesCase X
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Social Security Taxes
Old Age Survivors Insurance655.1000$655.1$665.37.3%7.30%$8,932$9,114Household Income, All Households ($ billion)https://en.wikipedia.org/wiki/Household_income_in_the_United_States0.07
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Social Security Taxes
Employee Retirement Insurance3.80521.6101$626.4$638.07.0%7.00%U.S. Census Bureau, Current Population Survey, 2014 Annual Social and Economic Supplement.0.07
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Social Security Taxes
Hospital, Disability, & Unemployment435.90820.4$518.3$528.65.8%5.80%Effective HH tax rates estimated based on distribution of incomes and tax receipts0.05
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Income Taxes
Bottom Earners (HHI $39,999 and less)
103.40232.2$128.6$0.012.9%0%$994$1,034Household Income by Earning Group ($ billion)Bottom Earners (HHI $39,999 and less)0.05
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Income Taxes
Lower Middle Class (HHI $40,000 to $99,999)
442.1098.59.2$549.9$552.617.9%18%$3,071$3,070Lower Middle Class (HHI $40,000 to $99,999)0.09
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Income Taxes
Upper Middle Class (HHI $100,000 to $249,999)
7010156.214.6$871.7$644.824.9%18%$3,505$3,582Upper Middle Class (HHI $100,000 to $249,999)0.12
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Income TaxesTop Earners (HHI $250,000 and over)381.40857.9$474.3$257.034.8%18%$1,362$1,428
Top Earners (HHI $250,000 and over)
0.15
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Corporate Earnings Tax
Corporate Tax on Profits292.6052.59.3$354.4$96.640.0%10%$886$966
Corporate Earnings, aka Profits ($ billion)
4.80%Corporate profits as % of GDP0.15
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Ad valorem TaxesProperty Taxes0015.9537.3$553.2$553.21.5%1.50%$36,880$36,880
Value of Property Assessed ($ billion)
Estimated average property tax rate.
https://www.census.gov/govs/qtax/0.015
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Ad valorem TaxesSales, Excise, & Other Taxes197.80508.5143.2$849.5$670.87.0%5%$12,136$13,416Retail Sales Receipts ($ billion)
Estimated average sales tax rate.
https://en.wikipedia.org/wiki/Sales_taxes_in_the_United_States0.05
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Other Fees & Revenues
All Other Fees & Revenues122.30379.4534.9$1,036.6$1,036.6n/an/a
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New Category
Value Added Tax (Tax on GDP or sales)
$0.0% VAT0$18,472$19,236Total U.S. GDP ($ billion)
Common method of taxation in Europe or other countries
0.03
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New Category
Carbon Tax on Stationary Fossil Fuel Use
$0.0$ per ton CO2$0.005,070.005,070.00
million metric tons CO2 equivalent
https://www3.epa.gov/climatechange/ghgemissions/sources/electricity.html20
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New Category
Carbon Tax on Transportation Fossil Fuel Use
$0.0$ per ton CO2$0.001,800.001,800.00
million metric tons CO2 equivalent
https://www3.epa.gov/climatechange/ghgemissions/sources/transportation.html20
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Sum Total3,33501,9231,360$6,618.0$5,643.6
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Source of Revenue Projections:
http://www.usgovernmentrevenue.com/year_revenue_2016USbn_17bs1n_1030405060G0H0F0E0#usgs302
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SpendingBudget Surplus
(or Deficit if Negative)
-1.6%-0.4%Your Budget Balancing Prowess:
Source of Spending Projections:
http://www.usgovernmentspending.com/year_spending_2016USbn_17bs2n_1030405060G0H0F0E02070008090I0J0#usgs302
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U.S. Federal, State, and Local Governments-$107.3-$20.6Not too shabby.
Fiscal Year 2016, Amounts in $ billion. GDP: $18,472.0 bln GO: $0.0 bln.
Some categories aggregated for simplicity.
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CategorySub-CategoryFedGov. TransferStateLocalTotal 2016 Spending ($ Billions)Your Proposed New Spending ($ Billions)Proposed % Change to Previous Year Budget2016 Basis QuantityNew Adjusted BasisBasis DescriptionSources & Notes
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PensionsSoc.Sec.- Old age840.20236.449.8$1,126.4$1,137.71.0%$25,000$25,250Average Pension per year ($)45,056,000Number of Pension Recipientshttp://www.teacherpensions.org/blog/map-average-pension-retired-state-and-local-government-workers-state-0.8
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PensionsSoc.Sec.- Sickness & disability155.8011.30.3$167.4$169.11.0%$15,000$15,150
Average Disability payment per year ($)
11,160,000Number of Disability Recipientshttp://www.nolo.com/legal-encyclopedia/social-security-disability-benefits-29686.html-0.8
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Health Care
Soc.Sec.- Medical Welfare & Public Health
1121.2-394.5596.5163.4$1,486.7$1,501.61.0%$20,857$21,066
Annual Spending per Patient ($)
71,280,000Number of Medical welfare recipientshttp://www.census.gov/content/dam/Census/library/publications/2015/demo/p70-141.pdf?eml=gd&utm_medium=email&utm_source=govdelivery-0.8
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DefenseMilitary, Veterans, Foreign Aid829.201.40.4$831.0$789.5-5.0%-0.2
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EducationSchools41.806594.8$642.6$0.0-100.0%$12,826$0
Annual Spending per Student ($)
50,100,000Students enrolled K-12http://nces.ed.gov/fastfacts/display.asp?id=3720
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EducationColleges and Other84.3-59.8285.156.1$365.8$0.0-100.0%$18,199$19,655
Annual Spending per Student ($)
20,100,000Students enrolled in college & otherhttp://nces.ed.gov/fastfacts/display.asp?id=372-0.2
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InterestPaying down government debt240045.865.6$351.4$379.58.00%0.15
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TransportationRoads, Public Transit, Transportation92.4-62.1110.5156.5$297.2$303.12.0%0.15
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WelfareFamily, Children, Housing341.2-111.265.690.5$386.0$324.2-16.0%-0.8
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WelfareUnemployment36-8.3420.8$70.4$70.40.0%$7,333$7,333
Annual Unemployment Benefit per Recipient ($)
6.00%Unemployment Rate9,600,000Recipients of Unemploymenthttp://www.dlt.ri.gov/lmi/laus/us/usadj.htm-1
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New CategoryMinimum Basic Income (Adults)$0.0$ per adult$0324,000,000Population of the United States
http://www.census.gov/popclock/
Note that most guaranteed basic income proposals specify a lower level of benefit for children until they become of age. Approx 25% of US population are children
7500
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New CategoryMinimum Basic Income (Children)$0.0$ per child$0243,000,00081,000,000# adults / # children
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ProtectionPolice, fire, & public safety30.7-10.132.7150.3$203.7$203.70.0%0
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ProtectionPrisons7047.530.1$84.6$84.60.0%$36,783$36,783
Annual Spending per Prisoner ($)
2,300,000Number of prisoners in UShttps://en.wikipedia.org/wiki/Incarceration_in_the_United_States-0.2
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OtherFuel and energy3.6-1.511.383.3$96.8$97.81.0%0
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OtherWater and waste8.403.4156.4$168.1$169.81.0%0
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OtherAgriculture, forestry, recreation37.4-11.325.344.6$96.0$96.00.0%0
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OtherCommunity development27.9002$29.8$30.11.0%0
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OtherBasic research18.6000$18.6$19.55.0%1
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OtherAdmin & Other35.8-7.896.4178.2$302.8$287.7-5.0%0
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Sum Total3,952-666.61,6171,823$6,725.3$5,664.2
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Fun state cartoons on shirts & gifts:
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This is meant to be an educational exercise only and we make no claim or warranty with respect to the precision or accuracy of the referenced data sources or uses of them in this document.
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Balance Your Budget!
Interactions
Example 1: Add CO2 tax, reduce corp tax
Example 2: Guaranteed Basic Income