What Your Income Tax Pays
Tax day has come and gone, but do you ever wonder what Uncle Sam does with your income tax dollars? The folks at the National Priorities Project broke it down based on projections by the US Office of Management and Budget. Last year the federal budget was 4.2 trillion dollars. About half of that comes from your income taxes. More than 50% of your income taxes fund two areas – health and safety. Your taxes also went to the Pentagon and the military. Spending a little more than 25% of the budget... 3% pays for education programs and all the rest gets less than 2% each of the budget-that includes housing and community programs.