Federal debt held by the public was 97% of GDP in 2021. It increased sharply after 2010 due to the great recession and then recovery efforts in response to the COVID-19 pandemic and is projected to increase to 107% of GDP in 2028.
September 4, 2023
In FY 2022, the federal government spent $1.3 trillion on Medicare ($747 billion) and Medicaid ($592 billion), together comprising 21% of total federal spending. Their share has grown from averaging 9% in the 1980s and 15% in the 1990s to 23% in the 2010s.
August 28, 2023
The federal government spent $1.2 trillion on Social Security in FY 2022, which comprised 19% of total federal spending. OMB estimates Social Security will be 23% of total federal spending by 2028.
August 21, 2023
For estate tax returns filed in 2021 (which cover deaths in prior years), over 80% of net tax revenue came from estates valued at over $20 million, while only 1% came from estates valued under $10 million.
August 14, 2023
The EITC primarily boosts the incomes of low-income working families with children. In 2020, nearly 80% of total EITC benefits went to tax filers with adjusted gross income under $30,000.
August 7, 2023