Budget

The federal government collected $4.1 trillion in revenue in fiscal year 2021 (FY2021) — or $12,294 per person.

Ninety-two percent came from individual income, payroll, and corporate income taxes.​

Budget

The federal government spent $6.8 trillion in FY2021 — or $20,634 per person.

Medicare, Social Security, defense and veterans, debt interest, plus assistance like stimulus checks and unemployment insurance accounted for 80.5% of spending. This includes funding distributed to states.

Budget

Increased personal and corporate income tax receipts drove federal revenue up by 15% in FY2021.

Revenue was equivalent to 17.3% of GDP, in line with the 18% annual average since 1980.  ​​

Budget

Federal spending grew 1% in FY2021, remaining relatively flat after increasing 45% in FY2020.

Spending was equivalent to 30% of GDP, higher than the 20% annual average since 1980.​​

Budget

Aside from unemployment insurance, major cash and non-cash programs to aid the disadvantaged increased in FY2021.

Refundable child tax credit payments increased 175%, COVID-19 payments to Americans rose 95%, and housing assistance increased 63% due to temporary COVID-19 assistance programs. Spending for the Supplemental Nutrition Assistance Program (SNAP) and other nutritional programs temporarily grew 41% in response to the pandemic. While these increases will expire, a recent raise in the per-meal allowance not yet reflected in this data means SNAP funding will remain above pre-pandemic levels after pandemic relief funding ends.

State and local tax revenue increased 19.2% from FY2020 to FY2021 after decreasing 1.1% in the previous fiscal year. In FY2021, state and local governments accounted for 39% of government spending, 35% of which is funds transferred from the federal government. Federal transfers to state and local governments increased more than in previous years as a result of COVID-19 assistance.

Budget

The federal government spent 68% more than it collected in FY2021, resulting in a $2.8 trillion deficit.

The government spent 91% more than it collected in FY2020. National debt grew to $28.4 trillion last year, $22.3 trillion of which is owed to the public.​

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