Instructions for Form 1040 |
2006 Tax Year |
This is archived information that pertains only to the 2006 Tax Year. If you are looking for information for the current tax year, go to the Tax Prep Help Area.
Income and Outlays . Summary: Pictured are two pie charts. These pie charts show the relative sizes of the major categories of federal income and
outlays for
fiscal year 2005. The items and corresponding percentages are listed:
Under Income:
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Personal income taxes: 38%
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Social security, Medicare, and unemployment and other retirement taxes: 32%
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Excise, customs, estate, gift, and miscellaneous taxes: 6%
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Corporate income taxes: 11%
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Borrowing to cover deficit 13%
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Under Outlays:
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Social security, Medicare and other retirement (see Footnote 1): 37%. Footnote 1: Social security, Medicare, and other retirement:
These
programs provide income support for the retired and disabled and medical care for the elderly.
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Social programs (see Footnote 4): 20%. Footnote 4: Social programs: About 14% of total outlays were for Medicaid, food stamps,
temporary
assistance for needy families, supplemental security income, and related programs; and the remaining outlays were for health
research and public
health programs, unemployment compensation, assisted housing, and social services.
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National defense, veterans, and foreign affairs (see Footnote 2): 24%. Footnote 2: National defense, veterans, and foreign
affairs: About 20%
of outlays were to equip, modernize, and pay our armed forces and to fund the Global War on Terrorism and other national defense
activities; about 3%
were for veterans benefits and services; and about 1% were for international activities, including military and economic assistance
to foreign
countries and the maintenance of U.S. embassies abroad.
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Physical, human, and community development (see Footnote 3): 10%. Footnote 3: Physical, human, and community development:
These outlays were
for agriculture; natural resources; environment; transportation; aid for elementary and secondary education and direct assistance
to college students;
job training; deposit insurance, commerce and housing credit, and community development; and space, energy, and general science
programs.
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Net interest on the debt: 7%
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Law enforcement and general government: 2%
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