2012 Federal Budget Proposed – High Debt Continues
Posted by William Byrnes on March 22, 2011
Why is this Topic Important to Wealth Managers? Clients will often ask for your “take” on the annual federal budget. It is important to show the client a command of the the facts and figures before addressing the political perspective of spending and revenue. Any producer can “mime” someone else’s perspective. Distinguish yourself with a command of the underlying numbers. Thus, this week Advanced Market Intelligence presents the facts and figures of the proposed federal budget for fiscal year 2012.
The new 2012 Federal Budget was released by the President. Below is a summary of the inflows and outflows concerning next year’s proposed budget (in billions of dollars).
Appropriated (“discretionary”) programs: Security $ 884/Non-security 456; Subtotal—appropriated programs: 1,340
Mandatory programs: Social Security $ 761, Medicare 485, Medicaid 269, Troubled Asset Relief Program (TARP) 13, Other mandatory programs 612; Subtotal, mandatory programs 2,140, Net interest 242, Disaster costs 8
Total outlays 3,819
Individual income taxes $ 1,141, Corporation income taxes 329
Social insurance and retirement receipts: Social Security payroll taxes 659,Medicare payroll taxes 201, Unemployment insurance 57, Other retirement 8, Excise taxes 103, Estate and gift taxes 14, Customs duties 30, Deposits of earnings, Federal Reserve System 66, Other miscellaneous receipts 20
Total receipts 2,627
2012 Deficit $ 1,101
Here are some noted observations of the current budget: Read the analysis at AdvisorFYI
This entry was posted on March 22, 2011 at 05:44 and is filed under Tax Policy. Tagged: Barack Obama, Congressional Budget Office, Federal Reserve System, Medicare, Social Security, United States, United States Congress, United States federal budget. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.