With the first primary elections just a few short months away, it’s been interesting to hear the would-be presidential candidates take on taxes. Some are proposing to tax the rich at a higher rate to fund the federal budget while others highlight the virtues of cutting taxes on the middle class. Once again it appears the “take-more-money-from-the-people” or “give-money-back-to-the-people” debate will be a central theme in the 2016 presidential race.
Generally speaking, we like to keep the money for which we work so hard. Nobody in my circle of friends is saying of a tax increase, “Sure, I’d be happy to…take another 5% out of my paycheck to fund the government. I don’t mind.” Know anyone who thinks that way? I don’t.
Regardless on how you feel about taxes, they do allow our government to function. It’s every American’s responsibility to pay taxes into the government’s budget. If you don’t well, let’s just say there could be some serious consequences (i.e. big fines and/or potential jail time). After several years now of living with a CPA in the house, I’ve come to appreciate (#fear) the tenacity with which the IRS takes its job.
Have you ever wondered where your tax dollars really go though? How does the government use your tax dollars in the federal budget? The people at Community Tax have researched that question and put their findings into the following infographic.
2016 U.S. Federal Budget Breakdown