Individual Income Taxes to Finance One-Third of Budget

More than one-third of the money needed to finance President Reagan’s proposed $1.02-trillion budget for fiscal year 1988 would come from individual income taxes, according to documents released today.

With revenues projected at $916.6 billion, the budget deficit for the next fiscal year--in the unlikely event the entire proposed budget is approved by Congress--would be $107.8 billion.

For every revenue dollar collected, 38 cents would come from individual income taxes, 33 cents from social insurance receipts, 11 cents each from corporate income taxes and federal borrowing, and the rest from various other sources.