Home World Events Business What Does the Taxman Do With Your Money?(Video)

What Does the Taxman Do With Your Money?(Video)

Can talking tax be fun? The answer to that is a resounding ‘no’ but a video on tax might be at least interesting and that’s what the above is.

So how does the federal government spend your money?

Well 8 cents of every dollar that goes towards the annual budget is used to pay off the country’s debt, more than what goes to NASA and other scientific endeavors.

Around 17 cents of the tax dollar is used to fund government programs – within this figure around 0.37 cents goes to community and regional development, just over 2 cents goes to border protection.

But where’s the real tax money going?

Surprisingly 50 cents of your tax dollar goes to keeping people healthy and out of poverty while 19 cents goes on jobs and family security – i.e. housing assistance, food assistance, veteran benefits etc.

National defense accounts for nearly a quarter of the budget. True we’ve got plenty of tanks and jets to look after.

If you aren’t paying tax now, sooner or later it’s bound to happen so see the rest of the video for more tax factoids.

 

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James Burke
What keeps the world ticking? James is always looking for the answer and the latest news from around the globe. When he's not behind his computer, he's basking in the Thailand sun, or dreaming of the southern hemisphere, where he grew up in rural Australia.

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