Monday, April 12, 2010

Where Do Your Taxes Go

2009 TurboTax Deluxe Federal + State + Federal efileTax time. Are you getting a refund because you had too much withholding? Or do you still owe taxes this year? I am getting a fat refund check, well, direct deposit. I might have to adjust my withholding so that I am not giving the government a free loan on my money all year, but it is nice to view at as forced savings, too. 

Regardless, where does all your tax money go? What are we paying for? Bailouts? I am sure that will definitely be a huge part of future budgets. Did you know that National Defense with its billion dollar programs is only 19%? The part that scares me is the whopping 38% devoted to Medicare and Social Security and yet it is very doubtful that there will be any money left by the time I retire. Factor in the passage of the Health Care Overhaul bill and our future is looking very uncertain. Higher taxes anyone?

Officially, these percentages are from the 2008 data, but the 2009 data was nearly the same. Keep an eye out for the next few years as these percentages will change dramatically with the addition of all the debt issued in the vain attempts to pull us out of the recession and the cost impacts from the Health Care overhaul bill.

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