Today is federal income tax filing day. Brian Riedl of The Heritage Institute offers some details of where our money is going.
The federal government is projected to spend $21,671 per household in 2004 — the most since World War II and $3,500 more than in 2001. Tax revenues will reach $16,981 per household through a combination of the income tax, payroll tax, gas tax, estate tax and assorted business taxes typically passed on through higher prices and smaller investment returns. The remaining $4,690 represents the deficit per household, which will be dumped in the laps of our children.Here is a breakdown of where that $21,671 goes:
• Social Security and Medicare: $7,165
• Defense: $4,240
• Low-income programs: $3,479
• Interest on the federal debt: $1,460
• Federal employee retirement benefits: $835
• Health research and regulation: $619
• Education: $583
• Veterans benefits: $565
• Unemployment benefits: $451
• Highways and mass transit: $400
• Justice administration: $389
• International affairs: $320
• The remaining $1,165 is allocated to all other federal programs, including farm subsidies, environmental programs, space exploration, air transportation and community development.
Feel better? Me neither. Read the whole thing for additional details about what's in those categories.
The late George Harrison summed it up once:
Now my advice for those who die, declare the pennies on your eyes. Cause I'm the tax man, yeah I'm the tax man. And you're working for no one but me.Posted by Alan at April 15, 2004 05:38 AM