EvanTh
12hr ago
The IRS does publish just that, with two pie charts and text, at the end of the Form 1040 instructions!
- Social Security, Medicare, and other retirement: 29%
- National defense, veterans, and foreign affairs: 15%
- Social programs: 33%
- Physical, human, and community development: 13%
- Net interest on the debt: 5%
- Law enforcement and general government: 5%
In fiscal year 2022... federal income was $4.897 trillion and outlays were $6.273 trillion, leaving a deficit of $1.376 trillion.
Unfortunately but unsurprisingly, hardly anyone reads it.
No, they don't know it. I volunteer with the VITA program doing tax prep for low-income people, and most of my clients don't appreciate that the government is taking money from their paychecks to pay tax. I explain it to them every year, but I'm pretty sure it doesn't stick.
I'm pretty sure half my clients don't even read their W-2's or other tax forms, except to go "this's a tax form from my employer / bank / charity / etc; guess I'll bring it when I go do taxes."
More options
Context Copy link