With the 2016 presidential election just a little over a year away, the American populace is becoming all too familiar with politicians bickering (some more loudly than others) over how they believe the United States should be run. Every four years news outlets and other media showcase what becomes the ultimate showdown between Democrats and Republicans – a showdown that basically comes down to how to spend your tax dollars.
Your tax dollars are an investment for the future of the United States; as an investor, you have the right to know where that money goes. Additionally, you have the right to vote for the leaders who will allocate your investment as they see fit. So before you decide which way you’ll lean in 2016, it might be a good idea to know how your investment is being spent.
The following numbers are a general overview of federal spending for the last fiscal year based on the 2014 budget. For a more personalized breakdown of how your taxes were spent, you can apply for a 2014 Taxpayer Receipt through the White House’s website. For every income tax dollar received in 2014:
- 27 cents was spent on the Military
- National defense, nuclear weapons activities, war costs, international security
- Example programs: Military operations in Afghanistan, Army National Guard
- 26.5 cents was spent on Health Care
- Health care programs & services, occupational and consumer health & safety
- Example programs: Medicaid, Children’s Health Insurance Program (CHIP)
- 15.3 cents was spent on Interest on Federal Debt
- 8.4 cents was spent on Unemployment and Labor
- Income security programs, federal employee retirement & disability, job training
- Example programs: Training and Employment Services, Temporary Assistance for Needy Families (TANF)
- 5.8 cents was spent on Veterans Benefits
- Example programs: Veterans Employment and Training, Medical and Prosthetic Research, VA hospitals
- 5 cents was spent on Food and Agriculture
- Example programs: Agriculture Disaster Relief Program, SNAP (food stamps), National School Lunch Program
- 3.4 cents was spent on the Government
- Example programs: FBI, Citizenship and Immigration Services, Congressional Budget Office, US House of Representatives and Senate
- 2.5 cents was spent on Education
- Example programs: Pell Grants, Special Education, Title I grants
- 1.9 cents was spent on Transportation
- Example programs: Transportation Security Administration (TSA), Federal Aviation Administration (FAA)
- 1.6 cents was spent on Energy and the Environment
- Example programs: Rural Clean Water Program, Energy Efficiency and Renewable Energy, Environmental Protection Agency
- 1.5 cents was spent on International Affairs
- Example programs: State Department, Peace Corps, Global Fund to Fight AIDS, Tuberculosis, & Malaria
- 1.1 cents was spent on Science
- Example programs: NASA, National Science Foundation
- .1 cent was spent on Housing and Community
- Example programs: Federal Emergency Management Agency (FEMA), Community Development Block Grants, Head Start
Taxes are an integral part of the way our society operates; without them, we would be without many of the programs we’ve grown accustomed to as part of our day-to-day lives. Our elected leaders have a responsibility to make sure these programs receive the funds needed to keep running properly, but are dependent upon taxpayers to file income taxes on time and accurately.
ExpressTaxFilings can help make your tax filing process as stress-free as possible with our easy-to-use e-filing process for 1099s, W-2s, and Extension Form 8809. And if you have any questions or need assistance e-filing with ExpressTaxFilings, you can contact our South Carolina based support team of live professionals by phone at (704) 839-2270, by e-mail at firstname.lastname@example.org, or by live chat through our website, www.expresstaxfilings.com.
So remember: stay informed and vote next November, but first, use ExpressTaxFilings to e-file your 2015 taxes by April 15th, 2016!