Where is Your Tax Money Going?

Credit and Debit, Planning & Money Management | Tuesday, October 27th, 2015

So you think you’ve got your taxes handled: you pay what you owe every year, do your best to avoid tax scams, and are a dutiful tax law-abiding citizen. But do you really know where your tax money is being spent? Every year, American citizens’ wages are taxed at an average of 31.5%. With the 2016 fiscal year federal budget coming in at around 4.1 trillion dollars, we were curious as to where exactly our dollars wind up, and created an easy to use infographic to illustrate the government spending plan.

The federal government uses their budget to finance public services, and some of the findings in our infographic come as no surprise. Health care takes up the majority of the budget at 27%, with social security and national defense expenses trailing closely behind. These three major factions combine to make up 65% of the overall budget. However, there are a variety of departments and causes that require monetary attention, including transportation efforts, disaster relief, law enforcement, technology, and more.

Not every government spending decision is expected and some of our taxes are used for surprising purposes. For example, in the past 15 years American taxpayers have contributed $3.9 billion on football stadiums for privately owned NFL teams. Another surprising twist? The government spent $10 million on the recent Superman movie to promote the Coastguard.

With money funneled into various factions and sectors, our infographic shows the interesting truth of where the U.S. government allocates and uses taxpayer money, allowing you to determine exactly where your hard earned dollar ends up.

Where Your Tax Money is Going in 2016

Courtesy of: Community Tax

Source URL: http://www.communitytax.com/where-your-tax-money-is-going-in-2016/

Comments are closed here.

Essential tools you need to raise financially responsible children.    Try DoughMain for Free