Looking for an income tax link

[JamesButabi]

There was a study done that concluded that all of our income tax money went directly to paying down the national debt. Does anyone recall where this can be found?

[RSLudlum]

Are you talking about the Grace Commission during Reagan's administration??

[JamesButabi]

hmmmm.....possibly

[Chester Copperpot]

that would be it.. lemme get you a link

[Chester Copperpot]

OKay heres a link for you, its devvy kidd, but its got the grace commission excerpts...

http://www.devvy.com/notax.html

I think this is the quote you're looking for:

With two-thirds of everyone's personal income taxes wasted or not collected, 100% of what is collected is absorbed solely by interest on the Federal Government contributions to transfer payments.

[Zippyjuan]

Let us consider the 2008 US budget. According to the Wiki summary of it,
http://en.wikipedia.org/wiki/United_States_federal_budget,_2008

Estimated receipts for fiscal year 2008 were $2.66 trillion.

$1.25 trillion - Individual income tax
$927.2 billion - Social Security and other payroll tax
$314.9 billion - Corporate income tax
$68.1 billion - Excise tax
$29.2 billion - Customs duties
$25.7 billion - Estate and gift taxes
$50.7 billion - Other

[edit] Total spending
Further information: Government spending

A pie chart representing spending by category for the US budget for 2008The President's budget for 2008 totals $2.9 trillion. Percentages in parentheses indicate percentage change compared to 2007. This budget request is broken down by the following expenditures:

Mandatory spending: $1.788 trillion (+4.2%)
$608 billion (+4.5%) - Social Security
$386 billion (+5.2%) - Medicare
$209 billion (+5.6%) - Medicaid and the State Children's Health Insurance Program (SCHIP)
$324 billion (+1.8%) - Unemployment/Welfare/Other mandatory spending
$261 billion (+9.2%) - Interest on National Debt
Discretionary spending: $1.114 trillion (+3.1%)
$481.4 billion (+12.1%) - Department of Defense
$145.2 billion (+45.8%) - Global War on Terror
$69.3 billion (+0.3%) - Department of Health and Human Services
$56.0 billion (+0.0%) - Department of Education
$39.4 billion (+18.7%) - Department of Veterans Affairs
$35.2 billion (+1.4%) - Department of Housing and Urban Development
$35.0 billion (+22.0%) - Department of State and Other International Programs
$34.3 billion (+7.2%) - Department of Homeland Security
$24.3 billion (+6.6%) - Department of Energy
$20.2 billion (+4.1%) - Department of Justice
$20.2 billion (+3.1%) - Department of Agriculture
$17.3 billion (+6.8%) - National Aeronautics and Space Administration
$12.1 billion (+13.1%) - Department of Transportation
$12.1 billion (+6.1%) - Department of the Treasury
$10.6 billion (+2.9%) - Department of the Interior
$10.6 billion (-9.4%) - Department of Labor
$51.8 billion (+9.7%) - Other On-budget Discretionary Spending
$39.0 billion - Other Off-budget Discretionary Spending
The Iraq War and the War in Afghanistan are not included in the regular budget. Instead they are funded through special appropriations.


the government collected $1.25 trillion in income taxes (this does not include other Federal taxes like those for Social Security) and in 2008 the budget for payment of interest on the debt was $261 billion so it would be more accurate to say that just under 21% of income tax money was used for the debt. And that is for interest on the debt only- no monies have gone to actually paying down the debt since Clinton was President.

I read only part of the article linked to but it contains some serious errors in it.