Dear Cardi B, Here’s How The Government Spent Your Tax Money Last Year

A few months back, entertainer Cardi B wanted to know where the money went for all the taxes she paid. Well, here’s a breakdown of how it was spent.

From October 2017 – September 2018, the federal government spent $4.1 Trillion to pay its bills. Here’s how much of it was spent:

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

Social Security  – $1 Trillion

Dept. of Defense  – $601 Billion

Dept. of Treasury INTEREST ONLY on our Debt – $522 Billion

Those four “items” alone account for roughly $.79 for every $1 spent by the federal government.

The other roughly $.21 combined spending goes for everything else including Education, Veterans, Homeland Security, Housing & Urban Development, Transportation, Energy, Agriculture, Environmental Protection.

Income

The federal government collected $3.3 Trillion from taxpayers like Cardi and the rest of us.

Here’s the full Department of Treasury report for both expenses and income.  

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It’s also worth keeping in mind, that like last year, over the years the government has borrowed a lot of money to pay its bill. Right now the government owes (national debt) over $21.6 Trillion.

Here is a real time total of what the federal government owes and who it owes it to.

Here’s how much the national debt has grown since 2000:

So there you go Cardi. That’s what the government did with your money last year.

*Source: Department of Treasury, “The Monthly Treasury Statement of Receipts and Outlays of the United States Government” report.

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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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