Our meeting was held this week in the Elyria Room at the Holiday Inn, a perfect place to accommodate our smaller group this week.
Rob Narolewski, owner of NARO Tax Services (and my own very awesome boss), gave a presentation that left us all dazzled by incomprehensible numbers and armed for the future with a better understanding of federal income and expenses. He made us work for the information, though, quizzing us to find out how far on or off the mark our expectations really were. Here is a sampling of this information, based upon numbers for 2007. (The IRS is still working on getting all the papers and money for 2008!)
How much does the U. S. Government actually collect in taxes?
Total collections were $2.57 trillion.
Of those tax dollars collected, how many of them were individual income taxes (as opposed to corporate or excise or Medicare)?
Individuals paid in $1,163 billion.
What were taxes as a percentage of GDP?
It was 18.8% … only slightly higher than the 28 year average of 18.4% (fluctuating in only a 5% range).
Given that they collected $2.57 trillion in taxes, of that amount, what did they spend?
Spending amounted to $2.73 trillion, giving us that $162 billion deficit.
How did the government spend its income?
Mandatory spending was 53% (this includes Medicare/Medicaid, Social Security, and unemployment/welfare); Discretionary spending was 38% (these are the budgets of the various Federal Departments of … but does NOT include war spending in Iraq and Afghanistan); and the final 9% was spent on Interest (on the national debt).
Of this discretionary spending, who got the biggest piece of the pie?
Education received the most with $79.8 billion, followed by transportation with $71.2 billion. A few other interesting facts: the environment ranked 8 out of a list of 16 with $30.9 billion and energy was only 15 on this list at $3.6 billion. In case you were curious, general government expenses landed 11 on the list at $15.9 billion.
We have significant debt ($2.767 trillion as of July 31, 2008) that is held by foreign countries. Which country holds the most?
Japan does, at $593.4 billion or 22.2%. Other holdings include: Mainland China (19.4%), the UK (10.9%), the Oil exporters (6.5%), Brazil (surprise!!!) (5.5%), and Caribbean Banking Centers (5.0%), leaving 30.6% divided throughout the all the other countries.
Rob at NARO Tax Services is not just another fast tax agent looking to input your numbers for the biggest return…for HIM. He is an IRS enrolled agent with extensive education in accounting, available throughout the year to help with all facets of tax filing and issue resolution. He and his staff are also available to perform bookkeeping services, monthly business filings, and assist in establishing new companies. Rob is also a QuickBooks Pro Advisor, able to teach you and your staff how to manage your own routine bookkeeping requirements.
A good referral for Rob would be:
· Someone trying to resolve old IRS filing or payment issues;
· A small company or independent contractor looking to maintain financial order through monthly bookkeeping services;
· A new business establishing itself and setting up new books;
· Someone who is eligible for the first time home buyer tax credit that needs to amend their previously filed return;
· Someone looking for a new, better, and reasonably priced tax preparer;
· A busy professional, someone hearing impaired, or an individual with physical challenges that is most comfortable transacting services through entirely electronic means.
Rob Narolewski, owner of NARO Tax Services (and my own very awesome boss), gave a presentation that left us all dazzled by incomprehensible numbers and armed for the future with a better understanding of federal income and expenses. He made us work for the information, though, quizzing us to find out how far on or off the mark our expectations really were. Here is a sampling of this information, based upon numbers for 2007. (The IRS is still working on getting all the papers and money for 2008!)
How much does the U. S. Government actually collect in taxes?
Total collections were $2.57 trillion.
Of those tax dollars collected, how many of them were individual income taxes (as opposed to corporate or excise or Medicare)?
Individuals paid in $1,163 billion.
What were taxes as a percentage of GDP?
It was 18.8% … only slightly higher than the 28 year average of 18.4% (fluctuating in only a 5% range).
Given that they collected $2.57 trillion in taxes, of that amount, what did they spend?
Spending amounted to $2.73 trillion, giving us that $162 billion deficit.
How did the government spend its income?
Mandatory spending was 53% (this includes Medicare/Medicaid, Social Security, and unemployment/welfare); Discretionary spending was 38% (these are the budgets of the various Federal Departments of … but does NOT include war spending in Iraq and Afghanistan); and the final 9% was spent on Interest (on the national debt).
Of this discretionary spending, who got the biggest piece of the pie?
Education received the most with $79.8 billion, followed by transportation with $71.2 billion. A few other interesting facts: the environment ranked 8 out of a list of 16 with $30.9 billion and energy was only 15 on this list at $3.6 billion. In case you were curious, general government expenses landed 11 on the list at $15.9 billion.
We have significant debt ($2.767 trillion as of July 31, 2008) that is held by foreign countries. Which country holds the most?
Japan does, at $593.4 billion or 22.2%. Other holdings include: Mainland China (19.4%), the UK (10.9%), the Oil exporters (6.5%), Brazil (surprise!!!) (5.5%), and Caribbean Banking Centers (5.0%), leaving 30.6% divided throughout the all the other countries.
Rob at NARO Tax Services is not just another fast tax agent looking to input your numbers for the biggest return…for HIM. He is an IRS enrolled agent with extensive education in accounting, available throughout the year to help with all facets of tax filing and issue resolution. He and his staff are also available to perform bookkeeping services, monthly business filings, and assist in establishing new companies. Rob is also a QuickBooks Pro Advisor, able to teach you and your staff how to manage your own routine bookkeeping requirements.
A good referral for Rob would be:
· Someone trying to resolve old IRS filing or payment issues;
· A small company or independent contractor looking to maintain financial order through monthly bookkeeping services;
· A new business establishing itself and setting up new books;
· Someone who is eligible for the first time home buyer tax credit that needs to amend their previously filed return;
· Someone looking for a new, better, and reasonably priced tax preparer;
· A busy professional, someone hearing impaired, or an individual with physical challenges that is most comfortable transacting services through entirely electronic means.
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Please visit the IRN website to register for the
“Summer Day Forum for Successful Networkers”
Tuesday, July 21, 2009
And for information about other upcoming IRN events!
http://irnlink.com/events.php
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