Fiscal Year refers to the period of time used by the government for accounting and budget purposes. For the federal government, the fiscal year runs from October 1 through September 30.
How much is $3.42 trillion? If you divide it by the U.S. population estimate in2020, 330.3 million (U.S. Census Bureau), it would equate to a little more than $10,400 in revenue for every individual in the U.S.
In this visualization, one dot represents $1 billion dollars.
Gross domestic product (GDP) measures the size of the nation's economy by the total value of final goods and services that are produced in a year. Gross domestic product is used to compare the economies of different countries, measure growth in the economy, and determine the right monetary policies to address inflation and unemployment.
Where does the money come from? If you lived or worked in the United States in 2020, most likely your contributions are part of the $3.42 trillion. Federal revenue consists mostly of individual, corporate, and social insurance taxes collected from the people who live, work, or do business in the United States each Fiscal Year.
The visualization was created using the Monthly Treasury Statement (MTS) as the data source for federal government revenue of the United States. Gross domestic product (GDP) figures come from the Bureau of Economic Analysis (BEA). GDP data is current as of October 2020, and is an average of all the fiscal year to date GDP estimates calculated by the Bureau of Economic Analysis. For more information about how GDP is calculated, visit the Bureau of Economic Analysis' National Income and Product Account Handbook. The revenue-to-gross domestic product ratio is included to provide you with context for the trillions of dollars that come in to the federal government annually. Throughout this page, we use the gross domestic product for the Fiscal Year, not the Calendar Year, in order to facilitate an appropriate comparison.