Boosie Hates Paying Taxes

When entertainers like Boosie or many of the clients that TaxAssurances sees every year complain about paying taxes, we understand why. They think the money is wasted. And Republicans & Democrats do a horrible job of explaining where the money does go.

So at TaxAssurances, we hope the following explanation helps.

First off, most of the money goes to seniors, healthcare, the military and interest on the debt ($21 Trillion). That’s about 80 cents of every $1 we spend right there. Welfare (SNAP, WIC) is 2 cents of every $1 we spend.

Second, every November the Treasury Department through the Office of Management and Budget (OMB) releases what is called the, “Budget Results for the Fiscal Year.” That one annual report summarizes not only what the federal government spent our federal tax dollars on, but how much individuals and corporations paid in taxes.

Having said that, here’s a quick summary of how much was spent from October 2016 – September 2017 in those 4 major categories:

* Medicare/Medicaid (Dept. of Health & Human Services) – $1.1 Trillion

* Social Security – $1 Trillion

* Dept. of Defense – $568 Billion

* Dept. of Treasury INTEREST ONLY on our Debt – $457 Billion

So again, right there, of the $3.98 Trillion that the federal government spent last year, roughly 80% of it went to just those four categories.

The other roughly 20% went for everything else including Education, Veterans, Homeland Security, Housing & Urban Development, Transportation, Energy, Agriculture, Environmental Protection, etc.

Here’s a quick link to last year’s full report:

So when Boosie or any other taxpayers wonder where their taxes go, the “Budget Results of the Fiscal Year” report released every year by the Treasury Department tells us.

Yeah, it needs a better name and more publicity.

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Author: TaxAssurances, LLC

Chex Balances is the blogsite of TaxAssurances, LLC, an independent financial services firm that provides expert advice and solutions in Accounting and Insurance. The site provides insightful and useful information around the reader's financial life. Information that helps them understand and navigate the financial details of everyday living.

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