I have been thinking a lot about taxes since it is tax time. I do not mind paying taxes at all. I know that I need to pay for things in order to get things in return such as roads, public schools and police officers. At the same time I worry about where my tax money is going and how much we are spending.
Who is paying what
Top 1% pay 38.8%
Top 5% pay 60.7%
Top 10% pay 72.7%
Top 20% pay 86.3%
Bottom 20% pay -2.9% (yes that is a negative 2.9% not a mistake)
In 2008 the total federal income taxes came to over $2.5 TRILLION Dollars. So where does all of this money go? The main three things that we are paying for are social security, health care and defense spending. (Health care includes Medicare, which provides health coverage for people over 65, as well as Medicaid, which covers low-income families, individual and state health coverage for children.) Our tax money also goes to the military and paying off the U.S. debt. You can click on the following link to get a complete list of where exactly your tax money is going, http://www.gpoaccess.gov/usbudget/fy08/hist.html.
We Are Spending Way To Much Money!
The current national debt is $12.3 TRILLION dollars and to top it off the 2010 budget is a written guarantee to add more debt to our nation and consequently to raise our taxes! To view the budget click on the following link, http://www.whitehouse.gov/omb/budget/fy2009/.
A few additional helpful links are as follows: