Taxes are one of the biggest budget items for most taxpayers, yet many have no idea what they’re getting for their money.
In 2012, as in recent years, Americans spent more on taxes than on groceries, clothing, and shelter combined. In fact, we worked until mid-April just to earn enough money to pay our taxes. So what do all those weeks of work get us?
The accompanying chart breaks down the $3.7 trillion federal budget for 2012 into major categories. By far, the biggest category is Social Security and income programs, which consume one-third of the budget. This includes Social Security, retirement and disability programs for federal employees, food assistance, and unemployment compensation. Another 21% of the budget goes to defense and related items, and 23% goes to Medicare and health programs
Are taxes one of your biggest budget items? Take steps to make sure you’re managing your overall tax bill. Please consult a tax professional for specific information regarding your individual situation.
In 2012, as in recent years, Americans spent more on taxes than on groceries, clothing, and shelter combined. In fact, we worked until mid-April just to earn enough money to pay our taxes. So what do all those weeks of work get us?
The accompanying chart breaks down the $3.7 trillion federal budget for 2012 into major categories. By far, the biggest category is Social Security and income programs, which consume one-third of the budget. This includes Social Security, retirement and disability programs for federal employees, food assistance, and unemployment compensation. Another 21% of the budget goes to defense and related items, and 23% goes to Medicare and health programs
Are taxes one of your biggest budget items? Take steps to make sure you’re managing your overall tax bill. Please consult a tax professional for specific information regarding your individual situation.
Pieces of the Federal Pie
Roughly 67% of the 2012 Federal budget was used for Social Security, Medicare, defense, and related programs.
Source: Congressional Budget Office, 2013
Itemized Federal Spending
Here’s a breakdown of how the Federal budget was spent, according to categories established by the Congressional Budget Office.
Source: Center on Budget and Policy Priorities, 2012
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