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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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.

President Trump’s 2017 Executive Branch Personnel Public Financial Disclosure Report

Every year, the President of the United States and all other executive branch employees have to prepare a financial disclosure form. Here is President Trump’s for 2017.

https://oge.app.box.com/v/Trump2018Annual278

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America’s Expenses, Income & Debt for 2016 – 2017

For fiscal years 2016 and 2017 (October 2016 – September 2017), the U.S. federal government spent $3.98 Trillion to pay its bills (I.e. Military, Social Security, Medicare/Medicaid, Education etc.). 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  – $568 Billion

Dept. of Treasury INTEREST ONLY on our Debt – $457 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 also collected roughly $3.31 Trillion from taxpayers (I.e. Your paycheck).

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

Debt

Finally, over the years, the federal government has borrowed money to take care of its needs. Currently, it owes over $20.4 Trillion on its “credit cards” and “loans” combined (national debt).

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

As stated earlier, in the 2016 – 2017 fiscal year, the federal government used the taxes we paid to pay $457 Billion in INTEREST ONLY on the total amount it owes.

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

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President Trump’s 2018 Budget Proposal

Today, Mick Mulvaney, Director of the Office of Management and Budget (OMB), released President Donald Trump’s budget proposal for 2018.

Here is the full text

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We Don’t Waste A Lot of Our Tax Dollars on Welfare

According to the Department of the Treasury, in 2016, the federal government spent $3.8 Trillion to pay its bills (I.e. Military, Social Security, Medicare/Medicaid, Education etc.). Here’s how much of it was spent:

* Medicare/Medicaid  – $1.1 Trillion

* Social Security  – $976 Billion

* Dept. of Defense  – $565 Billion

* Dept. of Treasury INTEREST ONLY on our Debt – $429 Billion

Those four “items” alone account for roughly $.80 for every $1 spent by the federal government.

Also according to the Department of the Treasury, the food stamps program which is part of spending through the Department of Agriculture, is less than 2% of overall federal spending each year. 2 cents of every $1 we pay in taxes

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