government budget deficit occurs when the government's expenditures are greater than tax revenues.
when the government's expenditures are greater than tax revenues?
government budget deficit
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also during fy2018, the federal government collected approximately $3.33 trillion in tax revenue, up $14 billion or less than 1% versus fy2017. primary receipt categories included individual income taxes ($1,684b or 51% of total receipts), social security/social insurance taxes ($1,171b or 35%), and corporate taxes ($205b or 6%). corporate tax revenues declined by $92 billion or 32% due to the tax cuts and jobs act. fy 2018 revenues were 16.4% of gross domestic product (gdp), versus 17.2% in fy 2017. tax revenues averaged approximately 17.4% gdp over the 1980-2017 period. tax revenues in 2018 were about $275 billion below the cbo january 2017 forecast for 2018, indicating tax revenues would have been considerably higher (and deficits lower) in the absence of the tax cuts.
united states federal budget