According to a source at Gobankingrates.com only 1 in 5 American’s know how thier income taxes are being spent. I also had a client inquire about how his income taxes were being spent. The article in the Denver Business Journal by Heather Draper (hdraper@bizjournals.com) for the week of March 28th – April 3rd (Page A-10) received over the weekend came at a great time.
Based on an income of $42,603 and a tax of $3,433, as a single filer the list below shows where the money is being spent:
$1,202 – Healthcare
$968 – Job and Family Services (including medicaid and medicare)
$1,263 – National Defense
$773 – Other as Described below:
$410 – Net interest, interest on Treasury Securities
$228 – Veteran’s Benefits
$182 – Education and Job Training
$101 – Natural Resources, energy, and the environment
$101 – Immigration and border security
$81 – International Affairs
$51 – Science, space and technology, NASA
$35 – Agriculture including farm subsidies
$25 – Community redevelopment
$20 – Response to natural disasters
Interesting to find out how your income taxes are being spent. National Defense comes in at number 1 with the most of our tax dollars being spent, with healthcare closely following. For more information see secure.bizjournals.com.