13 April 2012

From Obama, Tax Returns: Check Out How Your Personal Tax Dollars Spent On National Budget

taxes
taxes (Photo credit: 401K)
From Denny:  Today Prez Obama and VP Biden (and spouses) released their IRS tax returns.  Obama's was 48 pages long with an adjusted gross income of about $790,000.  Hey, those book sales add up over three years.  The Obamas also gave $172,000 to charities, about 22 percent of their income, much of it from a children's book.

Can you imagine paying $162,000 in taxes?  The President did.  The GE Corporation - and far too many other Wall Street folks - didn't even pay that much.  What's wrong with that picture?  Check out the links to their names above to go directly to the pdf files online for the Obamas and the Bidens if you want to see the actual returns and read the details.

What was interesting is the fun White House page where you can calculate how your federal tax dollars are used for the national budget.  OK, I wouldn't be inclined to put in personal information but there is a pull down menu of a few choices so you can get the idea.

Here is one screen shot scenario from the White House page to help you gauge where your tax dollars go using a married couple with two children that make $80,000 a year.  If you want to expand the items you may have to go to the link.

I do like it that the White House provided this taxpayer receipt.  Can I also tell you how annoying it is that the military takes 25 percent of our tax dollars?  That is far too much and indicative of how a several front war is rapidly depleting the national treasury.  But hey, I'm just saying. :)










YOUR FEDERAL TAXPAYER RECEIPT


UNDERSTAND HOW AND WHERE YOUR TAX DOLLARS ARE BEING SPENt


$80,000 income — married with two children
This assumes this family contributes 5 percent of their wage income to a 401(k) or IRA, does not itemize, and claims the Making Work Pay and Child Tax Credits.


PROGRAMS & SERVICES
YOUR TAX PAYMENT
$3,360.00
Social Security Retirement, Survivors, and Disability Insurance
$3,360.00

Medicare Tax

$1,160.00
Medicare Hospital Insurance
$1,160.00
% of Total Income
Tax Payment
$4,590.00

TOTAL INCOME A





ND PAYROLL TAXES YOU PAID
$9,110.00



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