Adjust Text Size

Have You Checked Your Tax Receipt?

Written by Nickel - 2 Comments

Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays.

Have You Checked Your Tax Receipt?

In honor of taxes being due today, I thought I’d point out the new Tax Receipt calculator over on the White House website. In short, this is a tool that gives you a percentage breakdown of how your tax dollars are being spent. Even if you don’t want to look up your own numbers, it’s still instructive to hop on over there and plug in some numbers.

Not surprisingly, the top two items on the list are defense spending (26.3%) and healthcare (24.3% – includes Medicare, Medicaid, health research, etc.), followed by “Job and Family Security” (21.9% – includes unemployment and a number of things that fall under the broad category of “welfare”). At the other end of the spectrum are things like agriculture (0.8%) and natural disaster response (0.4%).

Another interesting tidbit is that 7.4% of your income tax payments will go toward “net interest” on the national debt.

Have you checked out your Tax Receipt?

If so, were you surprised by anything that you saw?

Published on April 18th, 2011 - 2 Comments
Filed under: Taxes

About the author: is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!

Comments (scroll down to add your own):

  1. “Another interesting tidbit is that 7.4% of your income tax payments will go toward “net interest” on the national debt.”

    We haven’t seen nothing yet. For every $1 in taxes you pay, the federal government borrows another $0.50 to pay the bills.

    It doesn’t really matter what the money is spent on if you are maxing out your credit cards. Spending must decrease, and income (tax-receipt revenue) must increase (raise taxes).

    Comment by Anonymous — Apr 18th 2011 @ 10:58 am
  2. Like BG said, “We haven’t seen nothing yet.” It’s sad to know that 7.4% goes for NOTHING at all, and this number will be climbing like mad in the days to come. If we had that 7.4% to use we could double what we spend on all these categories: Veterans Benefits (4.1%), Natural Disasters (0.4%), International Affairs (1.7%) and Science, Space, Technology (1.2%). OR, we could pass a big chunk of change back to the hardworking citizens. I’ve always been a big advocate of giving the government AS LITTLE AS POSSIBLE–that way the “damage” is minimized…

    Comment by Anonymous — Apr 18th 2011 @ 11:07 am

Leave a comment

Because rates and offers from advertisers shown on this website change frequently, please visit referenced sites for current information. This website may be compensated by companies mentioned through advertising, affiliate programs or otherwise.