Estimated receipts for fiscal year 2007 were $2.4 trillion.
* $1.1 trillion - Individual income tax * $884.1 billion - Social Security and other payroll taxes * $260.6 billion - Corporate income tax * $74.6 billion - Excise taxes * $28.1 billion - Customs duties * $23.7 billion - Estate and gift taxes * $48.4 billion - Other
The IRS estimated that there were about $345 billion in uncollected taxes.
TOTAL SPENDING
The President's budget for 2007 totals $2.8 trillion. Percentages in parentheses indicate percentage change compared to 2006. This budget request is broken down by the following expenditures:
* $699.0 billion ( 4.0%) - Defense * $586.1 billion ( 7.0%) - Social Security * $394.5 billion ( 12.4%) - Medicare * $367.0 billion ( 2.0%) - Unemployment and welfare * $276.4 billion ( 2.9%) - Medicaid and other health related * $243.7 billion ( 13.4%) - Interest on debt * $89.9 billion ( 1.3%) - Education and training * $76.9 billion ( 8.1%) - Transportation * $72.6 billion ( 5.8%) - Veterans' benefits * $43.5 billion ( 9.2%) - Administration of justice * $33.1 billion ( 5.7%) - Natural resources and environment * $32.5 billion ( 15.4%) - Foreign affairs * $27.0 billion ( 3.7%) - Agriculture * $26.8 billion ( 28.7%) - Community and regional development * $25.0 billion ( 4.0%) - Science and technology * $23.5 billion ( 0.0%) - Energy * $20.1 billion ( 11.4%) - General government
It is a welcome move to publicise the amount of tax being paid by corporates. Is it not surprising that Reliance Industries which is much bigger just paying less than 2800 crores as compared to Tatas who are paying more than 1800 crores?
RE:Honest Tax Payers
by Joaquim DaSilva on Jul 05, 2008 09:22 PM Permalink
Reliance Industries Limited is paying approx Rs 2800 crores in taxes.
There are numerous other companies which use the Reliance name such Reliance Petrochemicals, etc which pay tax as separate entities. If you add up all group companies then the figure will certainly be much higher than Rs 2800 crores.
Am not sure if a comapny under loss has to pay tax? Everytime we hear that ONGC, BP, IOC, HP, all are under loss... how can ONGC and IOC be the highest tax payers? Can some body tell me if a Govt company under loss has to pay taxes?
RE:Are oil companies making profits
by p satya on Jul 03, 2008 06:34 PM Permalink
Actually the author is wrong to say that ONGC etc. are giving taxes. Literally it is not tax. It comes under several duties, i.e., import duties. Taxes are paid over operating profit or expenditure. But duties are paid over transaction.
Then why govt. prefer duties over tax? Duties are uniform. So if there are private companies for a certain kind of business, say oil and gas, then govt. can first apply heavy duties, say around 20% for petroleum products. Then all the companies will make loss as the pricing is controlled by the govt. aka petroleum ministry. Secondly, govt. will give subsidy to the ill financed govt. controlled bodies like ONGC, HP, BP etc whereas private sector players wont avail this benefit. So basically, govt. is monopolizing the petroleum industry indirectly. Practicing such business policy is illegal in US, EU, Japan etc. whereas in India this is legal. You may see the closure of all the reliance retail outlet for petroleum products as they paid duties (uniform to all) and did not get the subsidy as a loss making unit.
RE:Are oil companies making profits
by sanjeev kumar on Jul 03, 2008 05:32 PM Permalink
ITS A WRONG INFORMATION NO GOVT CO IS UNDER LOSS JUST GO THROUGH THERE B/S AND MY DEAR BROTHER ITS GOVT CO. WHO IS PAYING TAX JUST SEE THAT HOW MANY PRIVATE COMPNIES LISTED THERE IN TOP TEN
It is no coincidence that there are only 2 private companies. Just shows what poor decision government companies make when it comes to investing the huge pile of cash they sit on. I am not sure if paying huge amount of taxes is something these companies should be proud of.
in return you get 1) Pot holed roads 2) No social security 3) No health benefit 4) Inadequate power infrastructure 5) Inadequate drinking water 6... add to the list
Where the money goes 1. Petrol guzzling white Ambasador car for Govt. Babus, Politicians and their relatives 2. Numerous Z-Security 3. Free Air-fare for politicians dashing back and forth to new delhi 4. Dysfunction Govt. dept. 5. Payout to celeberate India's Independence by MADRASA student 6....add to the list
RE:Wow
by tony jos on Jul 03, 2008 06:15 PM Permalink
ABSOULTE RIGHT.....IT IS VERY SURPRISING TO SEE ONLY TWO PRIVATE COMPANIES IN THE LIST....WHEN TO COMES TO BIGGEST COMPANIES OF INDIA IT IS SEEN THAT THERE R NONE OF THE SO CALLED BIGGIES IN THE LIST....
IT CLEARLY INDICATES THAT THEY R MANAGING TO OUTSMART THE FINANCE MINISTRY N TAX AUTHORTIES WHEN IT COMES TO PAYING UP.....
These companies are selling oil,power,insurance to poor public pays tax. Govt knows how to screw the public through these companies.We common people not only pay direct tax, but indirect tax also. There is no problem in paying tax, the only concern is ,whether the money is spent for development and infrasture or for politicians and babu's salary and perks !!!
Thats amazing... only two private companies out of top 10 tax paying companies. For this performance, the govt must increase the incentives to the employees of the these PSUs
