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Federal Budget and Nebraska

In: Business and Management

Submitted By amgood1302
Words 1117
Pages 5
The Federal Budget and Nebraska

A budget is as much about spending as it is about raising revenue, and individuals like us fund the federal government through income taxes and payroll taxes. That means me are all vested as stakeholders as to how that money is spent. (Federal Budget 101)
The federal tax revenue projected for the year 2014 is an estimated $3 trillion. 46% of that money is to come from the individual tax payers. The next largest contributor is payroll taxes at 34% of the total revenue. It is estimated in the year 2014 that the federal government will spend $3.8 trillion. The biggest piece of that spending is the proposed $1 trillion the government will spend on military funding. It is estimated that the $3.8 trillion that the government will spend this year will make up approximately 22% of the U.S. economy, as measured by the GDP. The federal budget flows through the entire country, including our state, county and even into our town. I have a pretty important tie to the federal budget as my job and salary directly depend on it. I work for the state government and we have our own budget. Our budget is just a small piece of the pie so to speak, but my job wouldn’t exist if it weren’t for the federal budget and how that money is distributed. I like to look at the Nebraska Department of Correctional Service’s budget from year to year and see what kind of impact things like inflation and the aging population of the prisons have on our budget. The budget for the Department of Corrections has increased an average of 4.4% the past two fiscal years. 2013-2014 increased 6.5%, which equaled 10 million dollars and 2014-2015 is requesting an increase of 2.3% which is only 4 million, comparatively. This is not a positive thing as the revenue for the state has only increased 0.5% over the same two year period. The increases that were requested were mainly

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