How do we distribute income tax revenues?

Question

Ideally I would like to see a pie chart or some short but accurate description of how we spend our federal income tax revenues. Specifically, I want to know how much of our income taxes pay down principal or interest on our national deficit. Please send me easier sources to interpret than:
http://www.whitehouse.gov/omb/budget/fy2008/

or, if you are going to refer to that document, send me a page number of a particular document that gives this detail. Do not mean to be lazy, but I have a lot of work to do and maybe some of you already know where this info sits.

Answer 1

1. Do not confuse deficit with debt. Deficit is how much you are spending that you don't have. It either is or it isn't. A lot of politicians have claimed to help "reduce the deficit". There is no such action. Either you are spending a deficit amount or you aren't. There is no such thing as "reduction". The national debt is the total of how much we have borrowed to cover deficit spending.

2. The amount going to cover the principal on the national debt is zero. The U.S. Government is still in a deficit mode. Every year, the Congress votes to increase the national debt, so more can be borrowed.

3. Here is a link to the scariest chart you will ever read.

http://www.federalbudget.com


Have fun with it.

John Ross Hendrix for United States Senate
http://www.hendrixcampaign.com

Answer 2

They make it up by using different taxes. Alaska and Texas have traditionally used taxes on oil for the main area. Alaska has in the previous definitely paid its citizens money. Nevada and Florida have playing and tourism taxes; and their revenues tax is a sprint intense too. As for the rest; i could wager on a intense revenues tax fee. i admire the earnings tax because of the fact it tries to place the heavier burden on people who can maximum have adequate money it. Taxes like revenues tax places an analogous probabilities on anybody. a individual with over 2 million of taxable earnings could have adequate money to pay a plenty bigger share than a individual with in easy terms 2 thousand of taxable earnings. the two million greenback guy is procuring various toys while the poor guy at 2 thousand is suffering just to fulfill the basics.

Answer 3

National budget is distributed by the Legislature and Executive Departments depending upon the needs of the different government agencies.

Answer 4

The funny thing is that if the Federal Reserve Bank (actually private) did not charge interest just for letting us use the money they create, there would be no need for and income tax! Watch this link and the other four part to the video.
http://www.youtube.com/watch?v=_dmPchuXIXQ&feature=related
And here is another, 11 parts.
http://www.youtube.com/watch?v=3ueEfRXZCVA

Answer 5

paying tax on the income from your labor is illegal. but to answer your ? the irs collects in income tax about the excact amount we spend on thr military.