In case anyone was curious, the interest being paid on the national debt is of the order of $1 trillion per year, while the amount collected in taxes (federally only) is of the order of $5.5 trillion per year.
federally only is about $1.6Trillion, the rest is state taxes and never goes near the federal government to cover the interest on their debt. ($1.8Trillion at a poultry 5% interest)
dont know where you are getting your numbers. sounds like are confusing revenue and spending. relying on some AI maybe?
US collects about $12Trillion in taxes total (30% ish of GDP), under $2trillion of that is given to the federal government for medicare, medicade and the military, they spend more than $5trillion, which is what they spend on medicare, medicade the military and the interest on the $37Trillion debt they have accumulated spending more than they were given by the states for medicare medicade and the military - mostly bank and insurance fund bailouts to prop up the failed US financial system, adding about $3trillion to the federal debt each year, which is why it has gone from $30trillion at the end of 2022, to $37trillion now.
Getting downvoted because I do my own research instead of believing the latest gormless chatbot, that's new.
Of that, individual income tax was about $2.4 trillion, payroll tax was $1.7 trillion, corporate income tax was $530 billion, and there's about $253 billion of "other."
How exactly are you saying they spent 2T more than they collected in revenue again? Is this a Joe Biden forget where he put it or smth?
Meanwhile
Debt now
https://www.usdebtclock.org/
$36.4T
=$33,167 end of FY 2023, spent $3.3T on interest, Collected and spent $2.2T on medicare,medicade and the military.
= $33.1 +3.3 -2.2 +2.2 = $36.4T
good luck have fun. Im out. enjoy your fantasy economics for the few months it has left. Last group of federated states with group finances in a similar position was the USSR circa early 1991, pop quiz, can you guess what I think happens to the US next?
You sure did edit the hell out of your post. Obviously you aren't operating in good faith. But I should have figured that when, in your first post, you claimed the US collects $12T in taxes without reference and then ignored my reference showing it false. Have a great week.
The states of the united states collect about $12T in taxes total.
That is GDP times taxation as a % of gdp
roughly $36T times 30%
Precisely what that is doesnt matter, could be $10T, could be $20T
The federal government collects its tax from the states which it does through programs approved in congress.
Those programs are medicare, medicade and military spending + a few hundred billion total in scraps like the FAA or NASA. in total that sums to around $2T, which is all the states are obliged to give the federal government from the taxes they collect, if they dont like it they can choose the nuclear option and simply exit the union - California has a reasonable campaign long time ongoing to do exactly that called calexit - although right at this moment it lacks momentum. According to wikipedia there are growing movements in Alaska, California, Texas, Louisiana, Florida, and New Hampshire to secede.
Those movements will grow very very quickly when the states are actually presented with the now inevitable choice of doubling what they give the federal government while the federal government stops spending on pretty much every federal program - which is the only way the federal government can sustain paying its bills now the interest on their debt is larger than they take in revenue.
> The federal government collects its tax from the states which it does through programs approved in congress.
You’re aware that income tax, corporate income tax and payroll tax are paid directly to the federal government from individuals and companies right? The states don’t collect on the federal government’s behalf.
>nuclear option
There is no nuclear option. The country decided that 160 years ago.
