Key duties of government include collecting taxes and assigning those funds to programs and services that benefit citizens. In the United States, the federal government manages spending for national programs, while state and municipal governments manage local and regional programs. Because the government largely derives its revenue from individual income taxes, payroll taxes, and corporate income taxes, US taxpayers have a direct investment in government spending practices. The United States government's fiscal year (FY) runs from October 1 to September 30.
In February 2020 President Donald Trump released his proposed budget for FY 2021, which projects record expenditures of $4.829 trillion. Trump's budget plan anticipated federal revenues of $3.863 trillion, with an additional $966 billion in deficit spending. His proposal...Read more