1 year, 3 months ago
via irs-answers.com
Where does the money go that I pay to the IRS?
Are there government programs that the government agrees upon to use tax money for? Do they use tax money to fund wars? If you do not agree with what they use the money for, do you have to still pay?
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M$1 Answer
Hello @un42
In fiscal year 2010, the U.S. federal governmentprojected to spend $3.6 trillion and almost $2.2 trillion will be financed by federal tax revenues while the remaining $1.4 trillion will be financed by borrowing.
There are three major areas of spending:
*Defense and security : 20% of the budget or $715 billion
*Social Security: 20% or $708 billion
*Medicare, Medicaid, and CHIP : These three health insurance program accounts for 21% of the budge or $753 billion. Almost two-thirds of this amount or $468 billion will go to Medicare that provides health coverage to about 46 million people who are over the age of 65 or have disabilities.
Another fifth of federal spending goes to:
*Safety net programs: about 14% of the budget or $482 billion will support programs that provide aid
* Interest on the national debt - federal government must make regular interest payments on the money it has borrowed to finance deficits.
*Everything else: all federal expenditure not included in one of the five categories like
-Benefits for federal retirees and veterans
- Education
- Scientific and medical research
-Transportation
-Non-security international
-All other.
source:
http://www.cbpp.org/cms/index.cfm?fa=view&id=1258
In fiscal year 2010, the U.S. federal governmentprojected to spend $3.6 trillion and almost $2.2 trillion will be financed by federal tax revenues while the remaining $1.4 trillion will be financed by borrowing.
There are three major areas of spending:
*Defense and security : 20% of the budget or $715 billion
*Social Security: 20% or $708 billion
*Medicare, Medicaid, and CHIP : These three health insurance program accounts for 21% of the budge or $753 billion. Almost two-thirds of this amount or $468 billion will go to Medicare that provides health coverage to about 46 million people who are over the age of 65 or have disabilities.
Another fifth of federal spending goes to:
*Safety net programs: about 14% of the budget or $482 billion will support programs that provide aid
* Interest on the national debt - federal government must make regular interest payments on the money it has borrowed to finance deficits.
*Everything else: all federal expenditure not included in one of the five categories like
-Benefits for federal retirees and veterans
- Education
- Scientific and medical research
-Transportation
-Non-security international
-All other.
source:
http://www.cbpp.org/cms/index.cfm?fa=view&id=1258
images:
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