Where Your Tax Dollars Go
Jul 31, 2020804.4K Shares11.4M Views
To celebrate tax season, the Center on Budget and Policy Priorities has compiled a nice summaryof where your dollars go (or, more specifically, where they went last year.)
In brief, the federal government took in more than $2.5 trillion in tax revenues in fiscal 2007, and spent more than $2.7 trillion (the $162 billion difference represents the budget deficit, to be paid by your kids and grandkids).
Twenty-two percent ($590 billion) of that $2.7 trillion went to defense and national security, including the wars in Iraq and Afghanistan. Social Security consumed 21 percent ($586 billion), while Medicare, Medicaid and SCHIP ate $572 billion (21 percent).
Lesser expenses included interest on the national debt ($237 billion, or 9 percent); benefits for federal retirees and veterans (6 percent); scientific and medical research (3 percent); transportation infrastructure (2 percent); education (2 percent); and international programs such as food aid (less than 1 percent).
Not many surprises here, perhaps, but it is a good representation of a nation’s priorities. As CBPP noted in its report:
Doing just the opposite, President George W. Bush yesterday urged Congressto make his tax cuts to the wealthiest Americans permanent.
Paolo Reyna
Reviewer
Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
In his free time, he loves to travel, watch films, read books, and socialize with friends.
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