Major Categories of Federal Income and Outlays for Fiscal Year 2024

Federal Budget

Income and outlays

Summary: Pictured are two pie charts. These pie charts show the relative sizes of the major categories of federal income and outlays for fiscal year 2025

The items and corresponding percentages are listed:

Under Income: Personal income taxes: 36% Social security, Medicare, and unemployment and other retirement taxes: 25% Excise, customs, estate, gift, and miscellaneous taxes: 4% Corporate income taxes: 8% Borrowing to cover deficit 27% Under Outlays: Social security, Medicare and other retirement (see Footnote 1): 37%. Footnote 1: These programs provide income support for the retired and disabled and medical care for the elderly. Social programs (see Footnote 4): 20%. Footnote 4: About 14% of total outlays were for Medicaid, Supplemental Nutrition Assistance Program (formerly food stamps), temporary assistance for needy families, supplemental security income, and related programs; and 6% for health research and public health programs, unemployment compensation, assisted housing, and social services. National defense, veterans, and foreign affairs (see Footnote 2): 18%. Footnote 2: About 13% of outlays were to equip, modernize, and pay our armed forces and to fund national defense activities; about 5% were for veterans benefits and services; and about 1% were for international activities, including military and economic assistance to foreign countries and the maintenance of U.S. embassies abroad. Physical, human, and community development (see Footnote 3): 10%. Footnote 3: These outlays were for agriculture; natural resources; environment; transportation; aid for elementary and secondary education and direct assistance to college students; job training; deposit insurance, commerce and housing credit, and community development; and space, energy, and general science programs. Law enforcement and general government: 2% Net interest on the debt: 13%

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In fiscal year 2024 (which began on October 1, 2023, and ended on September 30, 2024, federal income was $4.920 trillion and outlays were $6.751 trillion, leaving a deficit of $1.831 trillion.