Truth in Accounting

U.S. Government

TIA Data

2020 Financial State of the Union (Released 4/15/2021)

Use Create Your Own Federal Chart to see additional financial and economic data and rhetorical analysis

 
The U.S. Government owes more than it owns.
The U.S. Government's Taxpayer Burden™ is $796,000, and received an "F" from TIA.
The U.S. Government is a Sinkhole without enough assets to cover its debt.
Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of the government's bills after its available assets have been tapped.
TIA's Taxpayer Burden™ measurement incorporates both assets and liabilities, including unfunded Social Security and Medicare promises.
The U.S. Government only has $6 trillion of assets available to pay bills totaling $129.1 trillion.
Because the U.S. Government doesn't have enough money to pay its bills, it has a $123.1 trillion financial hole. To fill it, each taxpayer would have to send $796,000 to the federal government.
Although the Treasury Department does not include unfunded Social Security and Medicare promises on the federal balance sheet, these liabilities are included in this analysis.
 

Prior Years' TIA Data

2019 Financial State of the Union

2018 Financial State of the Union 

Other Resources

Financial Report of the U.S. Government

Publishing Entity: U.S. Department of Treasury

 
 
 

IN THE NEWS
With Florida law, almost all states require online sales tax collection

APRIL 30, 2021 | ACCOUNTING TODAY | by Roger Russell

By Roger Russell, includes “Florida, one of the last two holdout states to enact economic nexus legislation in the wake of the Supreme Court’s Wayfair decision on taxing online sales, has finally passed a bill that applies sales tax collection requirements to remote sellers and marketplace facilitators.”

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