The chart shows U.S. government spending and the income it brought in through taxes each year. In which year or years did the U.S. government have a deficit?

U.S. federal tax revenue is the total tax receipts received by the federal government each year. Most of it is paid either through income taxes or payroll taxes. In fiscal year (FY) 2021, income taxes will account for 50%, payroll taxes make up 36%, and corporate taxes supply 7%. The rest is made up of estate taxes, excise and custom duties, and interest on the Federal Reserve's holdings of U.S. Treasurys.

Explanation:

It's both 2010 and 2015

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bharathparasad577 bharathparasad577 · Answer 2 · 2022-06-14T20:40:39+02:00

The U.S Government had a deficit only in 2015. Option D is the correct answer.

What is a Deficit?

In order to understand what Deficits are, it is important to understand what Government Expenses/Spending and Income are.
Government Income refers to revenue that the government receives from taxes, fees, fines and et cetera.
Government Spending refers to the costs or the expenses incurred by the government on investments, public services, grants and et cetera.
When the Income received exceeds the Government spending, the country is at a surplus of revenue.
When the Government spending exceeds the Income received, it is at a deficit.
The only point in the above chart where the spending is higher than the income received, is in the year 2015.

Hence, it is clear that Option D is the correct answer.

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