Breakdown of where Individual & familiy Tax Money Goes

Thread: Breakdown of where Individual & familiy Tax Money Goes

1. Breakdown of where Individual & familiy Tax Money Goes

Breakdown of where US taxpayer money goes. IM does not allow the pasting of the chart, unfortunately. If someone can tell me how to do it, I will.

I found this intriguing enough to put up. What's your take on this?

Note the top 3:
1. Social Security
2. Defense
3. Medicare

A taxpayer receipt: Calculate exactly where your tax dollars go
By Jane Sasseen jane Sasseen – Fri Apr 15, 2011

Just how much do you spend to foot the bill for U.S. troops in Iraq and Afghanistan? What's your share of the tab for interest on the national debt? How about to fund Medicare and Social Security, or to support foreign aid or the FBI?

With Tax Day upon us and Washington consumed by an intensifying battle over government spending -- a fight that's likely to be at the heart of the 2012 election — it's surprising just how little most taxpayers know about where their money goes.

The simple truth is most of us don't have any idea how much we each spend personally on government services like the military, the national parks or National Public Radio. Nor do we have a clear picture of how Uncle Sam divvies up the money we send him every year. That makes it harder to understand the real choices the country faces as Congress and the President debate how to get our fiscal house in order.

To help U.S. taxpayers figure things out, a prominent centrist think tank called Third Way has come up a "taxpayer receipt" that allows you to see exactly where your tax dollars go. Plug the amount you paid in federal income and payroll taxes into Third Way's interactive calculator and the resulting receipt will tell you — down to the penny -- just what you paid for those U.S. troops or to keep the parks up and running.

The results can be quite illuminating. Take a typical married couple with two kids who earn the median U.S. income, \$69,800. After taking standard deductions, they would pay federal taxes of \$6,993. Where does their money go?

The biggest chunk — some 20.4%, or \$1430.03 -- goes to Social Security. Defense comes in a close second. Our average family would pay \$1,410.59 to fund the military — fully 20.2% of the total they send to Uncle Sam.

How about Homeland Security and Law Enforcement, which includes everything from the Coast Guard and the FBI to the U.S. Courts and immigration system? Just 2.4% of our average family's tax bill — only\$167.95 — goes to pay for those.
As for foreign aid? They lay out just \$39.60 a year. While many people think cutting foreign aid would solve our fiscal woes, it's less than 1% of what Uncle Sam spends.

Here's a look at how the rest of our average family's tax bill would break down:

Now for the fun part: Want to calculate exactly how much you pay for different government services? You can find Third Way's interactive tax receipt calculator available at their website. Add up what you paid in federal income taxes along with the payroll taxes you contributed to fund Social Security, enter the total in their calculator, and your own personalized receipt will come up. The White House liked the idea so much that they've launched their own version, called the 2010 Federal Taxpayer Receipt, as well.

2. It's a regurgitation of public information but the calculator is an enlightening tool. One caveat to this, (and to add some more cynicism), it illustrates the hierarchy of principles and priorities which our government operates under, as well as exposes the inherent miscalculation the general American population make regarding world concern scaled with domestic well being. This miscalculation comes primarily, of course, from ignorance and apathy.

3. the net interest payment is what irritates me the most

4. Also nice to see our attitude toward arts and culture has not changed either...

5. Originally Posted by Big Smoothy
Breakdown of where US taxpayer money goes. IM does not allow the pasting of the chart, unfortunately. If someone can tell me how to do it, I will.

I found this intriguing enough to put up. What's your take on this?

Note the top 3:

1. Social Security
2 Defense
3 Medicare

--A taxpayer receipt: Calculate exactly where your tax dollars go

By Jane Sasseen jane Sasseen – Fri Apr 15, 2011

By JANE SASSEEN

Just how much do you spend to foot the bill for U.S. troops in Iraq and Afghanistan? What's your share of the tab for interest on the national debt? How about to fund Medicare and Social Security, or to support foreign aid or the FBI?

With Tax Day upon us and Washington consumed by an intensifying battle over government spending -- a fight that's likely to be at the heart of the 2012 election — it's surprising just how little most taxpayers know about where their money goes.

The simple truth is most of us don't have any idea how much we each spend personally on government services like the military, the national parks or National Public Radio. Nor do we have a clear picture of how Uncle Sam divvies up the money we send him every year. That makes it harder to understand the real choices the country faces as Congress and the President debate how to get our fiscal house in order.

To help U.S. taxpayers figure things out, a prominent centrist think tank called Third Way has come up a "taxpayer receipt" that allows you to see exactly where your tax dollars go. Plug the amount you paid in federal income and payroll taxes into Third Way's interactive calculator and the resulting receipt will tell you — down to the penny -- just what you paid for those U.S. troops or to keep the parks up and running.
[ For complete coverage of politics and policy, go to Yahoo! Politics ]

The results can be quite illuminating. Take a typical married couple with two kids who earn the median U.S. income, \$69,800. After taking standard deductions, they would pay federal taxes of \$6,993. Where does their money go?

The biggest chunk — some 20.4%, or \$1430.03 -- goes to Social Security. Defense comes in a close second. Our average family would pay \$1,410.59 to fund the military — fully 20.2% of the total they send to Uncle Sam.

How about Homeland Security and Law Enforcement, which includes everything from the Coast Guard and the FBI to the U.S. Courts and immigration system? Just 2.4% of our average family's tax bill — only\$167.95 — goes to pay for those.
As for foreign aid? They lay out just \$39.60 a year. While many people think cutting foreign aid would solve our fiscal woes, it's less than 1% of what Uncle Sam spends.

Here's a look at how the rest of our average family's tax bill would break down:

Now for the fun part: Want to calculate exactly how much you pay for different government services? You can find Third Way's interactive tax receipt calculator available at their website. Add up what you paid in federal income taxes along with the payroll taxes you contributed to fund Social Security, enter the total in their calculator, and your own personalized receipt will come up. The White House liked the idea so much that they've launched their own version, called the 2010 Federal Taxpayer Receipt, as well.

Third Way | Fresh Thinking

Source. Yahoo.com

The author forgot to mention Obama's War for Oil in Libya.

6. How Uncle Sam Spends Your Taxes
Jerry Idaszak

provided by

Almost everyone agrees that the federal deficit is a ticking bomb. But few can agree on how to defuse it. Ideas run the gamut from raising taxes to the wholesale elimination of scores of government programs. Some are contradictory. All are controversial. When you take a look at where the money actually goes, it's easy to see why it's hard to balance the budget.

Social Security, the Big Enchilada -- 20.6%

Many folks think that Social Security shouldn't be counted in the federal budget at all, because they contribute to the retirement fund with each paycheck. Actually, though, taxes paid in by today's workers aren't socked away for their future retirement, but are used for benefits for today's retirees -- an estimated \$760 billion worth of them in fiscal year 2012. What's more, the so-called trust fund -- where payroll taxes not needed for current payouts are stashed -- consists of \$2.6 trillion in IOUs from the U.S. Treasury. The funds have been borrowed over the past two decades to pay for other federal programs.

Nearly 20% of President Obama's proposed FY 2012 budget is for defense spending. It includes funds for military operations in Afghanistan, Iraq and South Korea as well as for 760 bases scattered across the U.S. and abroad. The \$738 billion tab also pays for research, construction, family housing and myriad defense-related items. About 25% of the total goes to personnel costs, and the figure doesn't include veterans' pensions and health care. With the winding down of operations in Iraq, Obama's budget has defense outlays for FY 2012 at about \$35 billion less than a year ago.

Medicare and Medicaid: Greedy Twins -- 13.2% and 7.2%

Combined, these two national health care programs rival defense and Social Security as Uncle Sam's biggest expenses. While the White House and Congress talk a lot about cutting these health care costs, lawmakers have avoided taking the tough -- and extremely unpopular -- actions needed.

Help for Low-Incomers -- 9%

In addition to Medicaid, about 9% of the total federal budget is dedicated to assistance for the needy. The total -- about \$297 billion for FY 2012 -- includes funds for housing subsidies, food stamps, school lunch and other nutrition programs, aid to families with dependent children (welfare) and other aid, plus the earned income tax credit.

In addition, unemployment insurance will account for a bit less than \$100 billion -- and about 2.6% of the budget -- in FY 2012. With the economy improving, that's down from the \$160 billion doled out in 2010 and the expected \$135-billion tab this fiscal year.

Net Interest on the Federal Debt -- 6.5%

Next fiscal year, Uncle Sam is expected to shell out a whopping \$242 billion in interest to the owners of U.S. Treasuries, here and abroad. For the past few years, low interest rates have helped keep a lid on this category. But interest rates are rising and so is the accumulated national debt.
The White House estimates that debt held by the public will approach \$12 trillion in FY 2012. If you include intragovernment payments -- by the Treasury to funds such as Social Security, for example -- the nation's total gross debt will approach \$17 trillion. In coming years, interest payments will gobble up even more.

And Everything Else -- 23.5%

The biggest five items in the federal budget -- Social Security, defense, Medicare, Medicaid and net interest on the debt -- account for about two-thirds of the total. Everything from transportation (3.3%), education (1.9%), federal employees' and military retirement (3.3%) to science and space (0.9%) and homeland security (1.3%) comes out of what's left. International aid -- frequently mentioned as a potential source of savings -- accounts for just 1.7% of spending, and half of that is for humanitarian assistance. All environmental and natural resource programs, 0.6%. Help for low-incomers, which we have already discussed, is an amalgam of programs whose total adds up to 9% of federal spending.

Untouchables in the U.S. Budget

Only about a third of the federal budget actually falls under congressional control on an annual basis, and much of that is for defense spending -- mostly off-limits for political reasons. About three-fifths of the budget is dedicated to programs such as Social Security, Medicare, Medicaid, food stamps, crop subsidies and other programs for which spending is automatic -- controlled by formulas. Add interest payments to the list of uncontrollables and untouchables, and the share of spending Washington can actually manipulate from year to year is about 16%.

If that entire 16% -- encompassing programs as diverse and as popular as medical and scientific research, space exploration, maintenance of national parks, repairing roads and bridges -- were eliminated, it would reduce the federal deficit only by less than half. Individually, these programs amount to crumbs on Washington's dinner table, where \$37 billion is just 1% of the main course.

Direct Payments to Your Fellow Americans

Looked at a different way, about 58% of all government spending consists of direct payments from Uncle Sam to individuals. Retirees get Social Security payments, veterans' pensions and Medicare benefits. Students get tuition assistance. Payments are made to farmers to idle erosion-prone land. Victims of natural disasters get a helping hand to rebuild their homes, businesses and lives.

Lobbies for many of these programs are immensely powerful and usually able to deflect attempts to trim spending. And while nearly everyone agrees that belt-tightening is needed, few are willing to cinch in their own waistlines.

7. Originally Posted by Big Pimpin
The author forgot to mention Obama's War for Oil in Libya.

Mmmm....it's only "Obama's war" because he inherited the whole mess from Bush. You know, like the economic mess.

8. Originally Posted by MDR
Mmmm....it's only "Obama's war" because he inherited the whole mess from Bush. You know, like the economic mess.
If Obama hadn't done anything about Libya the right would have been calling him a pu\$\$y...they said from day 1 that there were not going to do a single thing to help this administration and they are holding true to their words...

almost 3 months now and still not a single jobs bill introduced into the House by Boehner...what happened to all of the jobs, jobs, jobs talk before the last election cycle? it's the same old machiavellian GOP tactics, how can a party that doesn't believe in government govern?

9. Originally Posted by Big Pimpin
The author forgot to mention Obama's War for Oil in Libya.

Any spending in that action is included, and categorized.

Prince, you're list and pie chart is much better.

10. NICE POST (Just trying to get my post count to 50 so I can PM... SORRY!)

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