Where does your tax money go?
Our friends at the Heritage Foundation recently released an analysis of where your federal tax dollars go every year. Keep in mind that in 2015, “major entitlement programs consumed 52% of all federal spending” which means that over half of the federal budget went towards funding these programs. The fact that they are “entitlement” programs means that Congress doesn’t have to vote to approve each budget item – it is automatic. Here’s a very rough breakdown for your consideration:
52% -- Major entitlement spending, including: 24% for Social Security; 28% for Medicare, Medicaid and other Health Care spending
18% -- Income Security, including: TANF (Temporary Assistance for Needy Families, formerly known as welfare) housing and nutrition benefits for low income or elderly, unemployment insurance payments, Supplemental Security Income (federal disability) payments.
16% -- National Defense: This provides funding for, among other agencies, the Department of Defense. This does not include the Veterans Administration
6% -- Net interest on the national debt
7% -- All other federal spending.
Posted on Sun, June 19, 2016
by Annette Meeks