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== Budget == | == Budget == | ||
{{Pie chart | |||
| radius = 100 | |||
| thumb = right | |||
| caption = Federal Tax Revenue (FY 2028) | |||
| other = | |||
| label1 =Individual Income Taxes | |||
| value1 =47 | |||
| color1 =Blue | |||
| label2 =Social Security and Payroll Taxes | |||
| value2 =32 | |||
| color2 =Green | |||
| label3 =Corporate Taxes | |||
| value3 =12 | |||
| color3 =Gold | |||
| label4 =Miscellaneous Taxes | |||
| value4 =4 | |||
| color4 =Red | |||
| label5 =Execise Taxes | |||
| value5 =2 | |||
| color5 =Orange | |||
| label6 =Tariffs | |||
| value6 =3 | |||
| color6 =Purple | |||
}} | |||
The budget document often begins with the president's proposal to Parliament recommending funding levels for the next fiscal year, beginning October 1 and ending on September 30 of the year following. The fiscal year refers to the year in which it ends. | The budget document often begins with the president's proposal to Parliament recommending funding levels for the next fiscal year, beginning October 1 and ending on September 30 of the year following. The fiscal year refers to the year in which it ends. | ||
For fiscal year (FY) 2028, the federal government spent $1.875 trillion. Spending | For fiscal year (FY) 2028, the federal government spent $1.875 trillion. Spending equaled 21.7% of gross domestic product (GDP), lower than the 50-year average. The deficit equaled $134.56 billion, 1.56 percent of GDP. Tax revenue amounted to $1.740 trillion, with receipt categories including individual income taxes ($817.8B or 47%), Social Security taxes ($556.8B or 32%), and corporate taxes ($208.8B or 12%). | ||
== Elections == | == Elections == |
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