Transcript

Where Your Tax Money is Going in 2016

WHERE YOUR TAX MONEY IS GOING IN 2016 DID YOU KNOW THAT THE LATEST RESEARCH SHOWS THAT THE TOTAL TAX BURDEN FACED BY AVERAGE WAGE EARNERS IN THE UNITED STATES IS 31.5 PERCENT OF THEIR PRETAX EARNINGS? SO WHERE EXACTLY IS ALL OF YOUR MONEY GOING? $4.1 TRILLION 2016 UNITED STATES FEDERAL BUDGET BREAKDOWN (DOLLAR AMOUNT IN MILLIONS) HEALTH CARE $1,107,446 26.99% SOCIAL SECURITY $944,338 23.02% NATIONAL DEFENSE $615,515 15.00% INCOME SECURITY $546,350 13.32% NET INTEREST $283,049 6.90% VETERAN BENEFITS $180,324 4.40% EDUCATION & JOB TRAINING $106,342 2.59% TRANSPORTATION $98,742 2.41% INTERNATIONAL AFFAIRS $55,951 1.36% NATURAL RESOURCES & ENVIRONMENT $44,311 1.08% IMMIGRATION & OTHER FEDERAL LAW ENFORCEMENT $38,645 0.94% OTHER GOVERNMENT PROGRAM $35,075 0.85% SCIENCE, SPACE & TECHNOLOGY PROGRAMS $30,968 0.75% RESPONSE TO NATURAL DISASTERS $15,435 0.38% HEALTH CARE OTHER 10.36 % RESEARCH + FOOD SAFETY 3.39 % MEDICAL + CHILDREN'S HEALTH INSURANCE 33.01 % MEDICARE 53.25 % oo00 loo00 These initiatives support in providing Americans with health insurance coverage, as well as provide quality care for America's senior citizens. This category also makes a significant investment in biomedical research, which supports an emerging medical field that delivers treatments unique to each patient. This sector includes Governmental programs such as: Medicare, Medicaid, Subsidized and Food Safety. NATIONAL DEFENSE 40.76 % ON GOING OPERATIONS, EQUIPMENT, SUPPLIES 35.17 % OTHER NATIONAL DEFENSE BUDGET 24.07 % MILITARY PERSONNEL These funds go towards securing America's borders and providing military assistance abroad. The sector encompasses spending in the Department of Defense, nuclear-weapons activities from the Department of Energy, the National Nuclear Security Administration, and certain budgetary segments of Coast Guard and the FBI. INCOME SECURITY OTHER INCOME SECURITY 47.58 % HOUSING ASSISTANCE FOOD & NUTRITION ASSISTANCE 15.16 % 19.82 % UNEMPLOYMENT COMPENSATION EARNED INCOME & CHILD TAX CREDITS 8.00 % 9.44 % This budget function encompasses a wide variety of primarily socially focused initiatives. Much of this budget is commonly referred to as 'welfare'. It works towards ensuring all families can afford food, housing, gaps in employment, college and many other important social staples. SOCIAL SECURITY- This program helps provide economic solvency for workers with disabilities and America's senior citizens. NET INTEREST These are interest payments made to America's lenders, many of which are foreign governments such as China and Japan. A substantial portion of the net interest budget is also paid to U.S. households who have invested in government bonds. - VETERAN BENEFITS OTHER BENEFITS 13.20 % This helps returning veterans receive a higher education, find paying jobs, receive quality and timely health care, and ensure that they and their families have access to affordable housing. HEALTH CARE 36.99 % INCOME & HOUSING SUPPORT 49.81 % EDUCATION AND JOB TRAINING STUDENT FINANCIAL + AID FOR COLLEGE + PELL GRANTS OTHER EDUCATION & JOB TRAINING 45.05 % 28.44 % 11.79 % SPECIAL EDUCATION 14.71 % FUNDS FOR SCHOOL DISTRICTS W/LOW INCOME K-12 STUDENTS These initiatives help support working-families by enhancing access to job training programs, ensures Pell Grants keep pace with inflation, extends the PAYE student loan debt program, invests in the President's proposal to provide tuition-free community college for responsible students, increases funding or support of low-income school districts, and finally increases funding for special education. TRANSPORTATION 67.13 % HIGHWAY. MASS TRANSIT & OTHER GROUND 32.87 % OTHER TRANSPORTATION & INFRASTRUCTURE This budget mainly funds the Department of Transportation and supports highways, mass transit, aviation and maritime initiatives within the United States. INTERNATIONAL AFFAIRS 45.41 % DEV. AND HUMANITARIAN ASSISTANCE 28.76 % OTHER INTERNATIONAL AFFAIRS 25.82 % SECURITY ASSISTANCE The biggest portion of this budget goes to aiding developing foreign nations and those in need of US funds. It provides military aid to allies, supports fledgling democracies, and promotes US exports, among many other things. NATIONAL RESOURCES AND ENVIRONMENT POLLUTION CONTROL & OTHER WATER & LAND MANAGEMENT 48.31 % 51.69 % This budget helps protect the resources that are crucial to our economy and maintain the air we breathe and the water we drink. Furthermore, it makes significant investments to combat climate change by cutting carbon emissions, building climate resilience in communities and ecosystems, and leading global efforts to help major and emerging economies reduce carbon pollution. IMMIGRATION AND OTHER FEDERAL LAW ENFORCEMENT This budget is allocated to agencies such as Immigration and Customs Enforcement (ICE), the Drug Enforcement Agency (DEA), Federal Bureau of Investigation (FBI) and other Federal law enforcement agencies. The primary purpose of these funds is to ensure that U.S. Federal laws are abided by both at home and abroad. SCIENCE, SPACE, AND TECHNOLOGY PROGRAMS OTHER SCIENCE RESEARCH & LABORATORIES 41.41 % NASA 58.59 % This aims to propel research and development into programs looking to combat disease, advance space capabilities, make scientific break- throughs, and understand pertinent information about our universe. RESPONSE TO NATURAL DISASTERS Provides funding for FEMA's Pre-disaster Mitigation Grant Program and predominately supports mitigation planning, facilities hardening, and nonstructural risk reduction measures. BET YOU DIDN'T KNOW ABOUT THESE TAX EXPENDITURES Since 2000, US taxpayers have spent an estimated $3.9 billion on football stadiums for profitable, privately held NFL teams. $325 million in public funds were given to AT&T Stadium, home of the Dallas Cowboys. The Government spent $50,000 on a study examining whether or not elephants could be used to sniff out bombs in 2012 Because it costs more for the US Mint to make pennies and nickels than they are actually worth, the government lost $105 million in 2013 on minting these coins. In 2013, the U.S. Spent $10 million promoting the National Guard in the Superman movie. CommunityTax REFERENCES: • http://www.tpnn.com/2015/02/10/guess-how-much-money-the-federal- government-spent-studying-homosexual-hookup-apps/ • https://cbsminnesota.files.wordpress.com/2011/12/nfl-funding-summary- 12-2-11.pdf • http://www.businessinsider.com/us-government-50000-taxpayer-money- elephants-sniff-bombs-2015-5 • http://www.washingtonpost.com/news/wonkblog/wp/2014/03/10/taxpayers- lost-105-million-on-pennies-and-nickels-last-year/ • http://www.coburn.senate.gov/ ORMANIMII)

Where Your Tax Money is Going in 2016

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This infographic explores the 2016 annual US budget as set forth by the US Government and how this budget directly affects the average American citizen.

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Community Tax

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Economy
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