US Budget Deficit Essays

1573 Words 7 Pages
The annual United States budget has been steadily rising over the past decade. The projected federal budget for the 2012 fiscal year is going to be $3.7 million dollars compared to the $1.9 trillion in 2001. The 2012 budget is just a hundred million less than the 2011-year budget, according to the Congressional Budget Office. The reason for this ongoing rise in the federal budget can be acclaimed too the few financial crises that the country has faced. Beginning with September 11th attacks, to the housing bubble bursting, to the recession hit in 2007. The combination of all these major financial breakdowns, along with the hundreds of other fiscal responsibilities that the government holds has lead America into a very big budget deficit. …show more content…
Even though it can be seen that the problem lies in the fact that there is just not enough money to go around, the cause is rooted much deeper. It can all be traced back to the amount of money the government actually receives as revenue. The government is just a big business and the way it makes money is taxing the people that it governs over. The government just doesn’t have any other way of making money.
Tax revenue accounts for about 75% of the federal budget. During the 2010 fiscal year, the United States government collected about $2.16 trillion dollars in tax revenue. About 42% of these taxes are from individual income taxes; another 40% from Social Security taxes and the rest are split between excise, estate, and corporate taxes (cbo.gov). The United States uses what is called the progressive tax system. Which means the more you make, the more taxes you pay. Tax revenue has become a very hot topic in the past few months, mostly due to the fact of a recent group of people who call themselves “Occupy Wall Street”.
These people protest on Wall Street in New York on an everyday basis. They sleep there, eat there and basically do whatever they want. This protest does not have a unified cause, but the general conclusion that can be drawn from everyone is

More about US Budget Deficit Essays

Open Document