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Spending History 1970-2000


UNITED STATES REVENUES AND EXPENDITURES
Federal Fiscal Years 1970, 1980, 1990, 2000
In Billions of Dollars
(Numbers may not add exactly due to rounding)

 
1970
(Actual)
1980
(Actual)
1990
(Actual)
2000
(Actual)
REVENUES
Individual Income Taxes
90.4
244.1
466.9
1,004.5
Corporate Income Taxes
32.8
64.6
93.5
207.3
Social Insurance Taxes1
44.4
157.8
380.0
652.9
Excise Taxes2
15.7
24.3
35.3
68.9
Estate & Gift Taxes
3.6
6.4
11.5
29.0
Customs Duties
2.4
7.2
16.7
19.9
Miscellaneous Receipts
   3.4
  12.7
    28.0
     42.8
TOTAL REVENUES
192.8
517.1
1,032.0
2,025.2
OUTLAYS
Discretionary Outlays
Defense
81.9
134.6
300.1
295.0
International
4.0
12.8
19.1
21.3
Domestic
  34.4
128.9
181.4
298.6
120.3
276.3
500.6
614.8
Mandatory Outlays
Social Security
29.6
117.1
246.5
406.0
Medicare
6.8
34.0
107.0
216.0
Medicaid
2.7
14.0
41.1
117.9
Income Security3
8.2
44.3
68.4
133.5
Other Retirement & Disability
12.4
44.4
76.1
113.8
Other Programs
12.8
37.5
87.7
42.6
Net Interest4
14.4
52.5
184.3
223.0
Offsetting Receipts5
-11.5
-29.2
-58.7
-78.8
 
75.4
314.6
752.4
1,174.0
 
TOTAL OUTLAYS
195.7
590.9
1,253.1
1,789.1

Surplus/Deficit

-3.0

-74.0

-221.1

236.0
Standardized Budget Surplus/Deficit6
2.0
-11.0
-123.0
116.0
 
 
Debt Held by the Public
283.2
711.9
2,411.6
3,409.8
 
 
Gross Domestic Product (GDP)
1,013.0
2,725.0
5,737.0
2,708.0
 
 
Surplus/Deficit as Percentage of GDP
0.20%
0.40%
2.14%
4.28%
Debt Held by the Public as Percentage of GDP
28%
26%
42%
35%
 


1
Social Insurance Taxes consist mainly of payroll taxes, which are primarily taxes for Social Security (called Old-Age, Survivors, and Disability Insurance, or OASDI) and Medicare's Hospital Insurance (HI).
A small share of social insurance tax revenues comes from unemployment insurance taxes and contributions to other federal retirement programs.

2Nearly all excise taxes fall into 5 major categories: highway, airport, telephone, alcohol, and tobacco taxes. Almost half of all excise receipts are earmarked by law to The Highway Trust Fund and they come primarily from taxes on gasoline and diesel fuel.

3Income security includes unemployment compensation, supplemental security income, earned income and child tax credits, food stamps, family support, child nutrition, and foster care.

4Net interest includes interest paid on Treasury securities and other interest that the government pays (for example, on late refunds issued by the Internal Revenue Service) minus interest that the government collects from various sources (such as commercial banks, where Treasury tax and loan accounts are maintained). Net interest is determined by the size and composition of the government's debt, annual budget deficits or surpluses, and market interest rates.

5Offsetting receipts include Medicare premiums and employers' share of employee retirement, as well as federal pension programs, receipts from auctions and leasing, user fees, etc. However, the largest amounts are from Medicare premiums and employers' share of employee retirement.

6The standardized budget excludes deposit insurance, receipts from auctions of licenses to use the electromagnetic spectrum, timing adjustments, and contributions from allied nations for Operation Desert Storm (which were received in 1991 and 1992).


Source: Congressional Budget Office


© The Issue Wonk™ 2006-09

 

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