How much money does the US make a year?
In FY 2024, total US government revenue, federal, state, and local, is “guesstimated” to be $10.57 trillion. Federal revenue is budgeted at $5.08 trillion; state revenue is “guesstimated” at $3.55 trillion; local revenue is “guesstimated” at $1.94 trillion.
In 2022, the federal government collected $5.03 trillion in revenue. The federal government collected $5.03 trillion in revenue during fiscal year 2022, according to data aggregated from the Office of Management and Budget, the Census Bureau, and the Bureau of Economic Analysis.
Current-dollar GDP increased 6.3 percent, or $1.61 trillion, in 2023 to a level of $27.36 trillion, compared with an increase of 9.1 percent, or $2.15 trillion, in 2022 (tables 1 and 3).
The financial position of the United States includes assets of at least $269 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP).
U.S. government revenues FY 2023, by category
In 2023, the total revenues of the U.S. government totaled around 4.44 trillion U.S. dollars. Revenues consist of individual and corporate income taxes, payroll taxes and other taxes.
$27.97 trillion (nominal; 2024 est.) $27.97 trillion (PPP; 2024 est.)
The U.S. remains by far the richest country in the world, controlling some $105.99T of wealth, or almost 30% of the entire world's net worth. Taken together, countries in Asia have a higher net worth than the U.S. at $141.21T, or about 39% of the world's total.
- Highest: California ($3,598,102,700,000)
- Lowest: Vermont ($40,617,100,000)
- Health & Medical Insurance in the US. ...
- Pharmaceuticals Wholesaling in the US. ...
- New Car Dealers in the US. ...
- Life Insurance & Annuities in the US. ...
- Public Schools in the US. ...
- Gasoline & Petroleum Wholesaling in the US. ...
- Retirement & Pension Plans in the US.
| 2022, by Country | GDP, Current Prices in USD | GDP, Current Prices in USD |
|---|---|---|
| United States | $25.5 trillion | $26.9 trillion |
| China | $17.9 trillion | $17.7 trillion |
| Japan | $4.2 trillion | $4.4 trillion |
| Germany | $4.1 trillion | $4.2 trillion |
How much is US in debt?
15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace. Before that, the $1 trillion move higher from $31 trillion took about eight months. U.S. debt, which is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 trillion, as of Wednesday.
The $34 trillion gross federal debt includes debt held by the public as well as debt held by federal trust funds and other government accounts. In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself.
| Country/territory | US foreign-owned debt (January 2023) |
|---|---|
| Japan | $1,104,400,000,000 |
| China | $859,400,000,000 |
| United Kingdom | $668,300,000,000 |
| Belgium | $331,100,000,000 |
The newly released report covers Tax Year 2021 (for tax forms filed in 2022). The newest data reveals that the top 1 percent of earners, defined as those with incomes over $682,577, paid nearly 46 percent of all income taxes – marking the highest level in the available data.
High-Income Taxpayers Paid the Majority of Federal Income Taxes. In 2021, the bottom half of taxpayers earned 10.4 percent of total AGI and paid 2.3 percent of all federal individual income taxes. The top 1 percent earned 26.3 percent of total AGI and paid 45.8 percent of all federal income taxes.
Nearly half of mandatory spending in 2022 was for Social Security and other income support programs such as the Child Tax Credit, food and nutrition assistance, and federal employee benefits (figure 3). Most of the remainder paid for the two major government health programs, Medicare and Medicaid.
26. China. China had the second-largest total wealth of $84.48 trillion in 2022. Being one of the largest economies in the world, China makes it to our list of the wealthiest countries by per capita net worth.
- Japan. Japan has the highest percentage of national debt in the world at 259.43% of its annual GDP. ...
- United States. ...
- China. ...
- Russia.
The economic strength of a country is determined by its gross domestic product (GDP). In other words, the amount of all income generated in the country from the sale of goods and services. With a GDP of 25.44 trillion dollars, the USA is by far the world's largest economy in this ranking for 2022.
Luxembourg, whose financial sector makes up 25% of its GDP, is the world's richest country by GDP per capita. With a population of just 660,000, the country is also considered a tax haven, incentivizing foreign investment due to its favorable tax policies.
How many people in the US have $1000 in savings?
Already a subscriber? A stunning new Bankrate survey of 1,030 individuals finds that more than half of American adults (56%) lack sufficient savings to shoulder an unexpected $1,000 expense.
China and Russia have almost completely abandoned the US dollar in bilateral trade as the push to de-dollarize intensifies. China and Russia have almost completely phased out the dollar from their bilateral trade. More than 90% of trade between the two nations is done with either the yuan or the ruble.
But the state where workers earn the highest median annual wage is actually Massachusetts, where the median income as of 2023 is about $60,690, according to the Bureau of Labor Statistics. Workers in the District of Columbia have a higher annual median wage at $84,450, but Massachusetts is the highest-earning state.
Overall, in the calendar year 2023, the United States' Nominal GDP at Current Prices totaled at $27.360 trillion, as compared to $25.463 trillion in 2022. The three U.S. states with the highest GDPs were California ($3.8 trillion), Texas ($2.56 trillion), and New York ($2.15 trillion).
As of Q1 2023, the annualized GDP of the U.S. sits at $26.5 trillion. Of this, 88% or $23.5 trillion comes from private industries. The remaining $3 trillion is government spending at the federal, state, and local levels. Like most other developed nations, the U.S. economy is largely based on services.
