Where Your Tax Dollars Go

By
Mortgage and Lending with Infinity Financial Group

The US government expects to collect some $2.6 trillion in tax revenue this year! That's a 6% increase over last year, and a 13% jump since 2005. With the tax season behind us, did you ever wonder how your tax contributions are spent? Well, according to the government's 2008 budget, nearly 71% of this money is already slated for mandatory programs such as Social Security, Medicare, and interest toward the national debt. The military receives about 17% of the total budget, with another 1.3% funding homeland security. The remaining discretionary revenue not only funds highways, railroads, airports, etc., it also pays for federal agencies responsible for science, space exploration, medical research, education, environment, labor, law enforcement, etc. Finally, about 0.5% is spent on foreign aid.

 

Mandatory Spending

(Billions)

  

Discretionary Spending

(Billions)

Social Security

$612

 

Military

$438

Medicare

$405

 

Homeland Security

$35

Medicaid

$219

 

Other

$484

Interest on debt

$266

 

 

 

Other

$340

 

 

 

If the estimated numbers don't seem to add up, that's because the government expects to fall short of its fiscal budget by almost 8% this year, adding $200 billion or so to an almost $9 trillion national debt.

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Rainmaker
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Val Rensink
HomeSource Lamoreaux Group - Victorville, CA
John you write like no body else. Go,Go go
May 29, 2007 04:48 PM #1
Rainer
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John Caylor
Infinity Financial Group - Post Falls, ID
Post Falls, ID Mortgages
Thanks Val...how's everything going for you?
May 29, 2007 10:56 PM #2
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John Caylor

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