Posts filed under “Taxes and Policy”
Since its Tax Day, I thought we might take a look at where your tax dollars go and where they come from.
The first chart is Federal Revenues — what the sources of cash are from all sources. As you can see, the biggest revenue line is individual income taxes, accounting for 46% of revenues. Payroll taxes, split between the employer and employee, account for another 31.7%. Corporate taxes are a mere 13.5%, with assorted customs, duties and excise tax making up the last few percent.
What we spend those trillions on can be seen in the second chart: 33.6% goes to social security and Unemployment benefits; Medicare and health related spending captures another 26.6%. Next up, Military including Veterans benefits captures a huge 20.4% of the budget.
The last 2o% or so goes to lots of smaller departments: Interest on Debt grabs 6.3%, then Food & Agriculture take 3.3%, Transportation (2.6%), Housing (2.6%), Education (2.0%), Energy (1.1%) and Science (0.7%.)
Source: National Priorities
On Tax Day, Taxpayers Pick up $8 Billion Tab for Walmart and the Walton Family Report Provides State-by-State Estimates of Revenue Losses WASHINGTON — Walmart and the Waltons—America’s largest employer and richest family—received tax breaks and subsidies worth an estimated $7.8 billion in 2013, according to a report released today by Americans for Tax Fairness….Read More
Category: Taxes and Policy