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?