Visual Capitalist/Truman Du and Carmen Ang/8-22-2022
“In 2021, U.S. government revenue totaled more than $4 trillion. About half of it came from individual income taxes, while about 30% came from Social Security and Medicare taxes.… Despite the trillions in revenue generated, like most years, U.S. federal spending was higher in 2021, which put the federal government in a budget deficit of $2.7 trillion. This was the second highest deficit on record, down from a peak of $3.1 trillion in 2020 during the height of the global pandemic.”
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