How does the federal government spend its money? Q.How does the federal government spend its money? A.Federal spending totaled $4.4 trillion in 2019. About 62 percent of the total was for programs not subject to regular budget review, while nearly 30 percent covered discretionary programs for which Congress must regularly appropriate funds. Eight percent went for interest on government debt (figure 1). Read more about How does the federal government spend its money?
What is the tax expenditure budget? Q.What is the tax expenditure budget? A.The tax expenditure budget displays the estimated revenue losses from special exclusions, exemptions, deductions, credits, deferrals, and preferential tax rates in federal income tax law. Read more about What is the tax expenditure budget?
What are tax expenditures and how are they structured? Q.What are tax expenditures and how are they structured? A.Tax expenditures are special provisions of the tax code such as exclusions, deductions, deferrals, credits, and tax rates that benefit specific activities or groups of taxpayers. Read more about What are tax expenditures and how are they structured?
