Where Are Your Tax Dollars Going?

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Uploaded on April 18, 2011 by newsydotcom

BY ALLIE SPILLYARDS
ANCHOR ALISON ARCHER

You're watching multisource politics news analysis from Newsy


Ever wonder what your tax dollars are being used for? Now you can find out- dollar for dollar. MSNBC explains how it works.

“This year, once you’ve paid your taxes, you can go to a website set up by the White House. Enter how much you paid in taxes or choose your income level from a drop down menu and the site will generate an itemized receipt telling you how much of your money went to national defense, health care, jobs, education, so on.”

So where’s most of the money going? Fox News lays it out.

“The big chunks go to national defense, that’s 26.3%; health care, 24.3%, and job and family security with 21.9%. Smaller amounts go to things like veterans and international affairs.”

Kinda cool, right? But the media’s asking: Why is the government doing this now? A National Journal blogger suggests- the Obama Administration is using the tax receipt tool to point out- about 50 percent of the taxes each person pays....

“...goes to national defense and health care spending, which President Obama has pledged to reform through defense budget cuts and the Affordable Care Act. It also shows that only 0.7 percent of spending goes to development and humanitarian assistance, a popular target of scorn by many voters affiliated with the tea party.”

But as Republicans continue to call for deeper spending cuts and tax reductions, critics of the receipt say it’s misleading. A blogger for CNN points out....
“The online calculator obscures how much of an individual's tax dollars goes to a controversial expense that Republicans have been railing about - bailing out government-owned mortgage giants Fannie Mae and Freddie Mac - by lumping it with other expense such as commerce, transportation and government administration.”
Political games aside, a blogger for Slate suggests....

"Not all good ideas prove revolutionary—and misconceptions die hard. Maybe sending a receipt to Americans' homes or inboxes will make them take a close look at it, softening their resistance to Social Security cuts and wondering why we don't spend more on schools. But really, who ever reads receipts?”

Check out the transcript section of this story for a link to the online tax receipt calculator.

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Tags:
Taxes, Federal Budget, Money, Public Funds, Budget, Itemized, White House Website, Reciept, Video News, Politics News, Obama Administration, Affordable Care Act, Defense Cuts, Tea Party, Voters, Tax Reductions, Online Calculator, Individual Taxpayers, Social Security, News & Events
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