94% of US Tax Revenue is spent on War and defense

DailyBail.com comes up with interesting chart to show where money comes from and where does it go in US. It can be seen from the chart that total revenue from all taxes was $ 2.57 trillion whereas total spending $ 3.83 trillion which means there is a deficit of $1.27 Trillion. Now if we look at the pattern of the spending once again, we find that mandatory spending accounted only for $2.166 Trillion. This amount is still less than the total revenues. So that means US is making unnecessary use of its discretionary spending which causing the high deficits. US spent $1.415 Trillion on Defense and other discretionary. This spending can be cut down if there is a political will to do that.

There wouldn’t have been any need of increasing debt ceilings 10 times during Bush and Obama administrations if wars could have been avoided. By the way, there is no point of having debt ceilings when it can be raised to any level when needed. It is better to go without debt ceilings, it will at least save administrative time which is wasted in irrelevant attempts and discussions on raising it. It is the high point for the US leaders understand that their arrogance to use of powers to rule the world is causing US’ own demise.

chart-us-budget 

From Reddit:

I thought this kind of puts things in perspective.  In 2010, the US government collected $898 billion in federal income tax revenues.  The same year, we spent $847 billion on useless wars and national defense.  That means that 94% of all federal income tax revenue is equivalent to what we spend on the Pentagon.  Who out there thinks it was money well spent? Also, just to piss you off a little bit more – defense spending is equivalent to 443% of what we collect in total corporate taxes.

Hitesh Anand

I am a post graduate from Newcastle University, UK. I like studying and analyzing economic data and financial health of world.

You may also like...

Grab this FREE Forex Trading eBook
and much more..
We respect your privacy.
%d bloggers like this: