Now that Tax-Day has passed, Where Does Your Money Go?

Retirement, Income, Tax & Estate Planning.

Now that Tax-Day has passed, Where Does Your Money Go?

April 15, 2014 Government Newsletter Taxes Uncategorized 0

Now that tax-day is behind us, it might be a fun time to see where your Federal dollars went.  If you add up just the first five entries though veteran benefits, you will see that just about 80¢ of every dollar goes to Defense, Social Security, Health Care, Interest on the debt and Veterans Benefits.

The only problem is that this still leaves us a big deficit.  If we wanted to have a year with no deficit we each would have needed to pay an additional $24.50 for every $100 we actually paid in Federal taxes this year.  Kinda sobering when you really think about it.

Remember, interest rates are at historic lows.  What happens to the interest on the debt when rates begin to climb?  What happens to Social Security and Medicare as 10,000 of us baby boomers retire every day?  And what happens if the hawks begin to jack up the military budget again?

Feeling depressed?  Sorry about that, but as they say, it is what it is.

Where Your Tax Dollar Goes

Where Your Tax Dollar Goes

 

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Your Retirement Quarterback®