What percentage of the IRS' yearly receipts go to paying the interest on the national debt? (app. $9 trillion)

Question

Also, how much, if any, do we owe to foreign governments? Which ones?

Answer 1

US public debt is 8.5 trillion in total, of which 3.6 trillion is held by our own government (things like the Social Security Trust Fund). Of the remaining 4.9 trillion in publicly held debt, 56% is held by Americans and 44% is held by foreigners, to include governments (28%) and private citizens (16%). So foreign governments hold about 1.3 trillion of the USA's debt.

The Treasury Department is paying about 350 billion a year in interest payments out of a total budget of 2.48 trillion and total reciepts of 2.05 trillion. So it's 17% of receipts or 14% of outlays.

Answer 2

Debt and deficit two seperate animals.. actual numbers of both guestimated(constantly changing) And the official(CBO- Congressional Budget Office) numbers are sometimes... well... wrong! (see corrections to the Congressional record)

But not to worry as both sets 'played' with via various projections from just about everybody... yearly expenditures available(pie chart near cover guestimates) in IRS tax return booklets( and IRS cannot be held liable for mistaken tax information supplied to you!).

That is how both past and present Democrats and Republicans
presidents can claim x% savings or x%reductions... on previously projected expenditures! Or gloat that they've increased by x% spending for...And the other side can claim the opposite! Easy to mislead by mixing the apples and oranges of which some are merely proposed spendings or reductions!!!

You simply pick and choose the best numbers for your cause... AND yell the loudest!

Yeah thats right 10% savings on forecasted20% increases with a real rate of 7.2% increases leaves me WAY confused AND I've taught math!

I do know for fact(wise one told me so) and most agree if you or me did our banking/bills/tax returns this way we'd be in jail...

And that old saying in DC has been updated to"a BILLION(no longer million since last millenium) here and a billion there ... and soon you're talking real money!"

Sorry I can't answer your questions but one of the previous posts appears close and seem to be of all the same fruit...

Vote Libertarian or for flat tax rate anyone??? Now both the Reps and Dems be after me... when in danger or in doubt, Run in circles scream and shout!

Answer 3

It looks like the percentage is 7.2% of $2.5 trillion in 2005. I'm not sure where you get the $9 trillion from, the entire taxs collected for 2005 was only $2 trillion, and we ran a $500 billion deficit.

Here is a website that has pie chart on it.

http://www.house.gov/budget_democrats/budget_facts/faqs_jan05.htm

Answer 4

I have been told that my country owes outside U.S. a lot and the money came from the Chinese oversea and the Arab country invest about 700 billion in our financial industry.I do not want to calculate the $9 trillion interest because,It makes me sick at my stomach and the Sad Part is that NO ONE AROUND ME TALKS ABOUT except my husband and Children who are posted question in my household every day. HOW ARE WE GOING TO PAY FOR IT? WELL MY KID AND YOUR KIDS ARE GOING TO INHERIT THIS DEBT.SO PAYING INTEREST IS NOT GOING TO DO ANY GOOD.

Answer 5

Who cares. At least in my job, we all speak English. The IRS hires a bunch of uneducated BOOBS! So does the FTB of CA.

Answer 6

Remeber, the national debt is based upon supply and demand.

Answer 7

Umm...$1.83? No, no wait a minute......uummmmm.....I dunno.