Tax Time - Where Does the Money Go?
Monday, April 16, 2007
It's number-crunching time for those preparing tax returns in the last hours, and even for those who filed early, it's kind of nice to know where the money goes. It changes from year to year. This year, the average Tennessee family is paying about $2,500 in federal income tax, according to a new report that also details where the money goes. About 45 cents of every dollar paid by Tennesseans goes to the military, both for current projects and paying off military debt. Pamela Schwartz with the National Priorities Project says the military share of each dollar has increased significantly in six years. She says that's pushed out other categories.
"Less than a penny on job-training. Five cents of your income tax dollar going to education. We've got a situation where military spending is really pushing out virtually everything else."
Schwartz says health spending also eats up a large portion of the federal and state budgets. Education is the other top budget category on the state level. She believes it's a good idea for citizens to take a close look at their government's budget priorities.
"There's no question that taxes are an important thing to pay for services and for protection that we all depend upon. And right now, the question is where are they actually going? Are they making us safer? Are they meeting our basic needs?"
More information about how federal tax dollars are spent can be found online at www.nationalpriorities.org.
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