2010 United States Federal Budget

Total Receipts

• Individual Income Tax

o $899 billion (31.6%) to $938.8 billion (33%)
o 1.4% increase equates to $39.8 billion
• Social Security and Other Payroll Taxes
o $865 billion (7.65%+7.65%+1.2%=16.5%) to $943.6 billion (18%)
o 1.5% increase equates to $78.6 billion
o Need to balance Social Security deficit
• Corporate Income Tax
o $191 billion (35%) to $218.2 billion (40%)
o 5% increase equates to $27.2 billion
o Increase in taxes and the removal of the “check the box” loophole system
will balance out corporate tax evasion
• Excise Tax
o $67 billion (~7%) to $95.7 billion (~10%)
o 3% increase equates to $28.7 billion
o “Smokers will smoke, and drinkers will drink” – Jason Holmes
o No increase to gasoline or diesel, and a 15-year freeze on tax rate. Then
tax rate will slowly increase to create incentive to utilize different fuels
and to wean off the dependence of petroleum resources.
• Customs Duties
o Differs between each good, so we focused on the amount of revenue.
o $19 billion to $ 25.65 billion
o 35% increase equates to $6.65 billion
o Increases domestic independence
• Estate and Gift Taxes
o Average tax, again to hard to pinpoint, so focus was on revenue
o $22 billion to $31.9 billion
o 45% increase equates to $9.9 billion
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o Total Spending
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• Mandatory Spending: $1.89 trillion to $1.934 trillion (+2%)
o Social Security
 $644 billion to $656.9 billion (+2%)
o Medicare
 $408 billion to $416.2 billion (+2%)
o Medicaid and SCHIP
 $224 billion to $228.5 billion (+2%)
o Unemployment/Welfare/Other Mandatory Spending
 $360 billion to $367.2 billion (+2%)
o Interest on National Debt
 $260 billion to $265.2 billion (+2%)
• Discretionary Spending