Here’s How Your Taxes Will Be Spent

Money Talks News

Do you have your tax return handy? You can see exactly where your money is going by consulting the “tax receipt” Web page on the White House website, or at the bottom of this article.

And if you don’t have your return at your fingertips, you can get quick estimates for incomes up to $80,000.

The biggest chunk of taxes goes to national defense, according to the Web page: 24.64 percent.

Health care isn’t far behind at 22.45 percent, followed by ”job and family security” at 17.26 percent, a category that includes things like unemployment benefits, food stamps, help for needy families, military and railroad retirement, and other programs. Eight percent of taxes are spent on interest on government debt. The categories reflect the sections in the federal budget.

The New York Times has a graphic breakdown of President Obama’s 2013 budget proposal and how it compares with last year’s.

Here’s the federal taxpayer receipt tool, so you can see how your money is being spent.

This article was originally published on MoneyTalksNews.com as 'Here’s How Your Taxes Will Be Spent'.

More from Money Talks News

View Comments