The annual rite of scrambling for information to complete your taxes is behind us. Hopefully you have filed your taxes with the IRS or filed for an extension. Since yesterday was the official “Tax Day”, I thought it would be interesting to take a look at where your tax dollars are going.
The Center for a Responsible Federal Budget published their annual Taxpayer Receipt which gives a breakdown of where tax dollars are spent. 50% goes towards entitlement spending – Social Security and health programs like Medicare. The next largest chunk is for defense spending. Unfortunately, more is spent on interest payments than on items like education and infrastructure. Below is the US Taxpayer Receipt and a link to the full report.
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