When you look around your city or hometown, do you wonder how your income tax dollars are being put to use? Well, look no further, because the infographic below outlines a number of ways in which your hard-earned money is being spent, and whether it’s doing any good.
For the first time in history, our Tax Freedom Day landed on the same day that taxes were due. It took the average American 107 days to earn enough money to pay for their taxes. Now that we’re all anxiously awaiting our refunds, cursing the government for making us pay, or hoping that our extension will be long enough, it’s time to see where most of that money is actually going.
The average American spends about 12.7% of his or her income on food, while over double that, 29%, is spent on federal, state, and local taxes. The government is throwing that money at a number of services, including national defense, health care, social services, education, veteran benefits, law enforcement, and more.
For example, we’re spending 24.9% of our taxes on national defense, including the $8 billion we’ve put into the TSA, and the unaccounted for billions we’ve squandered away in Iraq. Another huge chunk, 23.7% goes to health care, yet 50 million Americans don’t have it, and it’s the number one cause of personal bankruptcies in the country. If we’re not getting anything from our tax dollars, who is?
Created by: AccountingDegreeOnline.net