Where Does Your Tax Money Go?

16 Apr

Yesterday was April 15th, which may not seem like a very significant day to you (unless, maybe it was your birthday), but it is a noteworthy day because it was tax day – the last day to file taxes with the IRS (fun stuff!). Image

As college students we do not pay nearly as many taxes, as say, our parents who have higher incomes. However, most of us still have some sort of income, even if it is minuscule.  Unfortunately, this means we must pay taxes, so shouldn’t we know what our tax money is being used for?  Well, there is an easy way to find out.

To find out how your tax money is divided and what these categories are exactly, you can go to the White House website and type in “Federal Taxpayer Receipt” where you will be prompted to put in your tax and income information.  This information will then be used to generate answers. 

Obviously, these numbers are different for everyone, depending on each person’s individual income, so for now we will inform you of the general categories.

The three largest consumers of tax money includes: the military, health spending (Medicaid and Medicare), and unemployment insurance and programs for the working poor.

Other, yet smaller, categories are humanitarian aid (programs for veterans), education and job training, NASA, and disaster response.  If you are interested in knowing more specifics, the Federal Taxpayer Receipt is one way to find out.

-Brittany Peterson

Image source: florida-beach-lifestyle.com (Tax money)

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