Monday, October 09, 2006

History Federal Income taxes 1998

Want to know where we are under Republicans in Congress. First understand where we were in Fiscal 1998 federal Income and outlays.
Total federal Income was $ 1,722 billion. Outlays were $ 1,623 billion. Leaving a surplus of $69 billion. Income from individuals was $829 billion. Corporations paid in only $189 billion.
My words follow. Please note that 48 percent of income is from individuals and only 11 percent from Corporations. If ya want to beat taxes become a corporation now. I am one.
Income from Social Security and other insurance and retirement benefits were $572 billion. Excise taxes were $58 billion. Another $75 billion in income was from the Estate and gift taxes and income from federal reserve deposits. Other miscellaneous income.

Outlays were $650 billion for Social Security. about 37 percent of total outlays.
Outlays for National Defense were $323 billion about 18 percent of total outlays.
Outlays for net interest on the national debt were $243 billion or about 14 percent.
Outlays for all Social programs were $ 303 billion. This is about 17 percent of total outlays. This includes Medicaid, Food stamps, SSI and all temporary assistance for families in America. This also includes all public health programs, health research, unemployment compensation and assisted housing for the poor.

Interest payments made on the National Debt are paid to the public which holds that debt in bonds.

The $69 billion surplus in 1998 under President Clinton was used to pay down the debt held by the public.

The Republican Congress just approved $498 billion for 2007 national defense. We now have a $9 trillion national debt projected over the next ten years.

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