WHITE HOUSE BUDGET PROPOSAL
Income Taxes
Income Taxes $1,376 B
by tax bracket
9.5K-35K 10% 51 B
35K-80K 22% 193 B
80K-170K 28% 242 B
170K-368K 35% 234 B
368K-1M 40% 213 B
1M+ 50% 443 B
Financial Transaction Tax:
0.5 % on each stock and similar transactions.
$177 Billion per year
Corporate Taxes: $ 378.7 B
rates
0-50K 12%
50-75K 23%
75K-100K 30%
100K-335K 31%
335K-10M 33%
10M-15M 34%
15M+ 35%
National Broadcaster Levy $ 18.6 B
Individual (0.25% > $50K) $ 13.9 B
Corporate (0.5% > $350K) $ 4.7 B
Healthcare Taxes $ 697.7 B
Healthcare Payroll Tax (CSSRA sec.4) $ 687.4 B
4.5% Apr-Jun 2012, 6% Jul-Aug 2012, 6.5% Sep-Dec 2012, 2013
Health Insurance Tax (ANHA sec.2c) $ 10.3 B
Estate Tax Revenue $47.9 B
Excise Taxes $ 57.8 B
Gasoline Tax (20 cents/gallon) $ 32.0 B
Cigarette and Tobacco Taxes
(43 cents/pack, plus 2% or 4% for various products)* $ 6.9 B
Alcohol Tax (various rates per unit, plus 4% tax)* $ 10.2 B
Marijuana Tax ($1/pack cigarettes plus 10% on all products)* $ 8.7 B
*(National Sin Tax Act, as amended, and Consolidated Marijuana Regulation Act)
Carbon Taxes ($25-30/ton) $ 152.7 B
Domestic $ 133.6 B
Carbon Import Tax $ 19.1 B
Special Program Taxes $ 68.8 B
Plastic Bag Tax (Environmental Fund) $ 4.9 B
Chain Business Differential Tax (SBA Fund) $ 33.1 B
Oil Spill Protection Tax (5% on profits > $1B) $7.2 B
Electrical Power Transmission Network Tax (0.65 c/kW-h) $23.6 B
Customs Duties $ 58.2 B
Other Revenue (Sales, Earnings, Fees, Etc.) $ 83.4 B
Total Revenue $2,939.8 Billion
Budget Update: Part 2A - Tax Credits
Dependent Child Tax Credit 115 B
Education Tax Credits
Higher Education 75 B
Elementary/Secondary 3.5 B
Earned Income Tax Credit 46.3 B
Adoption and Foster Care Credit 1.1 B
Carbon Tax Residential Relief Credits
Carbon Tax Electricity Credit 11.6 B
Heating Fuel Consumption Credit 6.2 B
Fuel Efficiency Reimbursement 4.1 B
Corporate Clean Energy Credit 2.7 B
Alternate Energy R&D Credits 3.4 B
Nuclear Waste Reprocessing Credit 2.9 B
Public Transportation Tax Credit 6.4 B
First-time Homebuyer Credit 2.8 B
Retirement Savings Credits 2.5 B
Individual Business Credits 2.2 B
Foreign Tax Credit 13.1 B
TOTAL $ 298.8 Billion
Budget Update- Part 2B Direct Spending
TOTAL Direct Spending = $ 2.553.72 Trillion
Military Spending ($356.63 billion)
$95.00 billion ... Military personnel
$115.20 billion ... Operation and maintenance
$60.00 billion .... Procurement
$50.00 billion .... Research, development, test and evaluation
$15.25 billion .... Military Construction, Family Housing and Other
$18.29 billion .... Atomic Energy Defense Activities
$2.89 billion ..... Defense Related activities
Afghanistan Operations ($10.6 billion)
$600 million ..... Military Operations
$10.00 billion .... Reconstruction aid
Military Retirement ($167.5 billion)
$46.5 billion .... Military retirement
$40 billion .... Income security for veterans
$18 billion ...... Veterans education, training, and rehabilitation
$ 8 billion….. Veterans mental health resources
$50 billion ..... Hospital and medical care for veterans and retired military
$5 billion ...... Housing and other veterans benefits and services
International affairs ($24.15 billion)
$15.00 billion ...... International development and humanitarian assistance
$3.0 billion ...... International military aid
$5.0 billion ...... Conduct of foreign affairs
$1.15 billion ...... Foreign information and exchange activities
General science, space, and technology ($26.47 billion)
$10.62 billion ...... National Science Foundation programs
$3.44 billion ...... Department of Energy general science programs
$9.91 billion ..... Space flight, research, and supporting activities
$2.5 billion ...... Nuclear Cleanup/Containment Equipment Technology (Comprehensive Protection of Nuclear Power Act)
Non-Defense Energy Spending ($49.62 billion)
$0.73 billion ...... Energy supply
$1.03 billion ...... Energy conservation and preparedness
$0.36 billion ...... Energy information, preparedness, & regulation
$12.5 billion ...... Go Green Fund
$25 billion ..... Smart Grid development (the Smart Grid Electrical Distribution Act)
$10 billion ..... Coverage and Rate Protection (Electricity Fairness Act)
Natural resources and environment ($43.26 billion)
$5.45 billion ..... Water resources
$9.07 billion ..... Conservation and land management
$3.12 billion ..... Recreational & Park resources
$8.42 billion ..... Pollution control and abatement
$4.9 billion ....... Environmental Fund from plastic bag tax
$5.1 billion ....... Other natural resources
$7.2 billion ....... Oil Spill Protection Fund (Oil Spill Protection Act)
Agriculture ($14.5 billion)
$11.00 billion ..... Farm income stabilization & crop insurance
$3.50 billion ...... Agricultural research and services
Commerce and Housing Loan Programs ($6.82 billion)
$-4.28 billion ..... Federal Housing Loan Programs
$2.17 billion ...... Postal service
$-0.96 billion ..... Deposit insurance
$7.96 billion ...... Universal service fund
$1.93 billion ...... Other advancement of commerce
Transportation ($87.27 billion)
$33.13 billion ..... Highways and highway safety
$18 billion ......... High speed rail (Transportation Infrastructure Investment Act)
$10 billion ...... Other Mass transit
$2.81 billion ...... Railroads
$17.26 billion ..... Air Transportation
$5.65 billion ...... Water transportation
$0.42 billion ...... Other transportation
Community and regional development ($59.96 billion)
$6.25 billion ...... Community development
$8.36 billion ...... Area and regional development
$10.15 billion ...... Disaster relief and insurance
$2.5 billion ........ Homeless Shelter Emergency Housing
$32.7 billion ...... Small Business Association
Education ($118.52 billion)
$72.57 billion ..... Elementary, Secondary & Vocational education
$42.72 billion ..... Higher education
$3.23 billion ...... Research and general education
Training, labor and unemployment ($11.6 billion)
$10 billion ...... Training and employment
$1.6 billion ....... Labor law, statistics, and other administration
Atlasian National Healthcare ($953.3 billion)
$239.5 billion ... IDS Community Health Partnership
$206.0 billion ... ME Community Health Partnership
$113.5 billion ... MW Community Health Partnership
$191.0 billion ... NE Community Health Partnership
$180.5 billion ... PA Community Health Partnership
$22.8 billion ..... Central Administration Costs
Non-ANH Health Spending ($38.81 billion)
$4.7 billion ....... Disease control, public health and bioterrorism
$29.36 billion ... Health research and training
$3.01 billion ..... Food safety and occupational health and safety
$1.74 billion ..... Drug abuse treatment (Consolidated Marijuana Regulation Act)
Civilian Retirement (Social Security excluded) ($72.02 billion)
$4.89 billion ...... Civilian retirement and disability insurance
$58.22 billion .... Federal employee retirement and disability
$8.91 billion ...... Federal employees' and retired employees' health benefits
Atlasian National Broadcaster ($6.35 billion)
$4.6 billion …. Infrastructure buliding and acquisition
$1.75 billion …. Initial start up costs
Aid to Low-Income Families ($182.96 billion)
$67 billion ..... Housing assistance
$87.58 billion ..... Food stamps
$21 billion ...... Other nutrition programs (WIC, school lunches)
$4.8 billion ....... Child care funds
$2.58 billion ...... Other aid to low-income families
Public Housing Expenses (Public Housing Act) ($8.5 Billion)
$5 Billion......Public Housing Capital Fund
$1 Billion......Community Development Fund
$2 Billion......Neighborhood Stabilization Program
$0.50 Billion...Homeless Prevention
General Family Support ($27.06 billion)
$8 billion ...... Foster care and adoption assistance
$2.92 billion ...... Child support and family support programs
$16.14 billion ..... Social and family services
Administration of justice ($29.79 billion)
$7.25 billion ..... Federal law enforcement
$7.46 billion ..... Border security and immigration
$7.6 billion ..... Federal litigation and judicial activities
$3.26 billion ...... Federal prison system
$4.22 billion ...... Criminal justice assistance
General government administration ($13.3 billion)
$2.75 billion ...... Legislative functions
$0.95 billion ...... Executive office programs
$7.6 billion ....... IRS & other fiscal operations
$2 billion ...... Other general government
Interest on debt ($244.73 billion)
$244.73 billion .... Net Interest[/size]
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SUMMARY: Current Projected Figures for 2012
Direct Spending $2,553.72 billion
Tax Credits $298.8 billion
TOTAL Expenditures $2,852.52 billion
REVENUE $2,939.8 Billion
EXPENDITURES -$2,852.52 billion
BALANCE $87.28 Billion
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2012
