- Days left

The 10 Biggest Things Your Income Taxes Pay For

×
OVER SAN FRANCISCO BAY - MARCH 16:  In this handout image provided by the U.S. Air Force, two F-16 Fighting Falcons begin to roll into position for a rapid descent during an Operation Noble Eagle training patrol March 16, 2004 over the San Francisco Bay, California. The F-16s are assigned to the California Air National Guard's 144th Fighter Wing in Fresno, California.  (Photo by Lance Cheung/U.S. Air Force via Getty Images)
Lance Cheung/U.S. Air Force via Getty Images
Now that tax season is over (except for those who filed for an extension), it's natural to wonder exactly where the hard-earned dollars you paid in tax over the past year actually went.

To answer that question, the White House put together a website that gives details on the government's expenditures. Dubbed the Federal Taxpayer Receipt, you can enter in your income, Social Security, and Medicare taxes and get a personalized look at where your tax dollars got spent. Understanding that Social Security and Medicare taxes go toward funding those respective programs, here are the 10 areas where the greatest percentage of income tax revenues gets spent.


Increase your money and finance knowledge from home

Banking Services 101

Understand your bank's services, and how to get the most from them

View Course »

How to Buy a Car

How to get the best deal and buy a car with confidence.

View Course »

TurboTax Articles

Know The Key Dates For Health Care Reform

"Open enrollment periods for the health insurance marketplace under the Affordable Care Act are limited" says Mac Schneider, a retired certified public accountant from Albion, Michigan. ?Avoiding tax penalties requires awareness of important dates that may vary year-to-year.? As well as key dates, there are time cycles and coverage gap allowances important to health insurance coverage under provisions of health care reform.

Deducting Mortgage Interest FAQs

If you're a homeowner, you probably qualify for a deduction on your home mortgage interest. The tax deduction also applies if you pay interest on a condominium, cooperative, mobile home, boat or recreational vehicle used as a residence.

What Extra Tax Deductions Should I Make Sure To Take?

The federal government offers tax deductions and credits to reduce taxable income under certain circumstances. There are several that are often overlooked, including deductions for job hunting, caregiver expenses for dependents and children while you work, a credit to reduce taxes for moderate- to low-income earners and the premium tax credit associated with the Affordable Care Act. TurboTax can help determine if you qualify for these credits and deductions.

Add a Comment

*0 / 3000 Character Maximum

60 Comments

Filter by:
Joe Bradley

you say 8% pays the interest to our debt, well what about the actual money we borowed from them? what pecent is that

Sunday at 6:34 AM Report abuse rate up rate down Reply
Christopher Lee

Tax code should help to create US Jobs

Chris
Owner Cel Financial Services
IRS Registered Tax Return Preparer
Registered bonded California CTEC Tax Preparer
Please visit my website for all your Income Tax Fillmore needs.
http://www.taxprepfillmore.com/

May 16 2013 at 2:11 AM Report abuse rate up rate down Reply
Buckingham's

A couple of them are obama's vacations and obama's childrens' vacations in the Bahamas.

April 26 2013 at 4:50 PM Report abuse -1 rate up rate down Reply
Welcome SCB!

2nd comment: I do not think it is wise to permit companies to become \'large.\' (No, I cannot define \'large.\') I remember when AT&T was broken up because they were too large, too controlling of their area of expertise. Then, suddenly, it became OK for companies to become as large as AT&T was, even larger. Now companies and their \'associated partners\' are HUGE! HUGE means \'in charge\' of the money, one way or another. They are \'larger\' than many countries which might even play out even if they were forced to be smalle. This level of control is of considerable concern to be - and the more money they make, the more they \'take care of \"The People\" (think insurance companies for example) or force the government to do so because \"The People\" are becoming poorer and poorer. And I would like to have the government of \"The People\" take over banking - let the Federal Reserve work for \"The People\" instead of the attorneys in congress and the corporations and their associates. Now corporations and banks are invaluable and needed, but much needed by \"The People\" - that is needed in \"The People\'s\" corner! The fiscal problems today might also be lessened if the laws - rules and regs - set up after the depression to prevent another despression had not been slowly but surely eroded since the depression, the last one under the auspices of Clinton. Importantly to all of this, the commercial banks need to be separated from \"The People\'s\" banks - like they used to be. Ah, yes, it\'s easy to jot these thoughts down - but many of our changes over the last half century and before need to be seriously evaluated - results researched - and appropriate changes made..

April 26 2013 at 4:16 PM Report abuse rate up rate down Reply
Welcome SCB!

I read that ~75% of our legislators are attorneys. Sorry, I don't recall the source. Maybe Charlie Reese (quoted, in this group of comments) could check that out. If valid, I doubt if "The People," per se, are actually represented. I wonder what would be on the agenda if "The People" actually represented us in Congress. Lawyers could work to help "The People" put items in appropriate legal language - but be required to keep them short and understandable. I've thought about this since I read the item and I pass it on for consideration. Is there any way we might assure representation by "The People" for "The People?"

April 26 2013 at 3:56 PM Report abuse rate up rate down Reply
letmay8

8% interest to pay debts to the Mammon Federal Reserve. The prinicipal will never get paid. Federal Reserve is getting ready to takeover America. Federal Reserve Motto - "BEND OVER".

April 26 2013 at 1:18 PM Report abuse +1 rate up rate down Reply
Jay P Cote

You mention #5 Vetrans benefits, but no mention of your beloved Union worker pension benefits, what hipocritical clowns you are, should have know if this White House put this out it would be a crock of BS from that gang of bumbling idiots

April 26 2013 at 12:12 PM Report abuse +2 rate up rate down Reply
Ol Bob

Is anyone fool enough to believe the government would tell the truth about where our taxes are squandered? At least nine out of the ten are PORK.

April 26 2013 at 11:47 AM Report abuse +1 rate up rate down Reply
Holly

Over the decades government has dipped into the Social Security Trust Fund. Social Security and Medicare have been PAID for by employee payroll taxes and taxes on their employers.
The well is going to run dry? So we need to cut benefits? NO, find another fund to raid! Get rid of Congressional retirement benefits! IOU\'s don\'t do us a bit of good. Don\'t \"borrow\" The Peoples money if you can\'t replace it promptly!
Baby Boomers have paid in enough Social Security taxes to cover theirs and the following generations Social Security benefits
I don\'t want to hear about cutting SS.

April 26 2013 at 10:34 AM Report abuse +2 rate up rate down Reply
efvann

Most of them are tolerable. It's the generational welfare programs, euphemistically called "Social Assistance", which is the back-breaker. Getting absolutely NO return on the "investment", as Obuma would put it.

April 26 2013 at 10:14 AM Report abuse rate up rate down Reply