Know What Your Taxes Pay For...
Author: Jenny Shilling
Every year we pay our taxes. Where does that money go and why? In 2014, as in recent years, Americans will spend more on taxes than on groceries, clothing, and shelter combined. So what do all those weeks of work get us?
In 2014 the $3.5 trillion federal budget for 2014 can be broken down into major categories. The biggest category is Social Security and income programs, which uses 24% of the budget. Another 17% of the budget goes to defense and related items, and 26% goes to Medicare and health programs. The other 33% of the budget pays for the following categories:
- Veterans' Benefits
- Education, Employment, Training & Social Services
- Veterans' Services
- Energy
- Agriculture
- General Government
- Administration of Justice
- Community & Regional Development
- International Affairs
- General Science, Space, & Technology
- Income Security
- Federal Civilian & Military Retirement
- Transportation
- National Resources & the Environment
- Income Security
- Health
Are taxes one of your biggest budget items? If so, you should take steps to make sure you’re managing your overall tax bill. Please consult a qualified tax professional for specific information regarding your individual situation.
The Tax Office, Inc., works with you to compile your records and file your taxes. If there are any questions we can answer regarding how your tax money is used, or taxes, please contact us. Our tax specialists are happy to assist with any tax related matters.
