Fighting for a U.S. federal budget that prioritizes peace, economic security and shared prosperity
Feb. 9, 2015
In 2016, the president proposes collecting $3.5 trillion in total tax revenue, with individual income taxes and payroll taxes – which fund Social Security and Medicare – as the largest source of revenues. President Obama proposes a budget where tax revenue will cover nearly 87 percent of total spending. The rest – 13 percent – will come from borrowing.