Where Do Your Taxes Go?

We all pay our taxes – some of us have more to pay than others! However, have you ever wondered where your funds go? When you complete your tax return, and you’re ordered to send over your funds, what does the government do with it? 

Well, in the current climate, considering the coronavirus, we know that a lot of the funds are being pumped back into the economy, helping businesses to survive during this period of uncertainty. The President has already announced measures to help people through this difficult period, and there is more to come. Employees working from home or those with home offices must not forget their tax returns. One Click Life cited that home offices in Australia can include home improvements in their home office deductions so long as it considered necessary in their daily work.

While it’s good to understand where your taxes go, you have to actually pay them in the first place. With a crypto tax calculator that works, you can ensure that you are paying what you’re supposed to pay and you’re doing it without worrying too much. Once you pay your tax, you are square with the house and the IRS isn’t going to send you scary letters. But where do those taxes end up once they’ve been paid?

However, you may be shocked to learn that a lot of public money actually makes its way to the private sector. This is something that LawsuitLegal.com have helped to shed light on with their very insightful infographic. 

Their breakdown helps you to see where your funds end up. You can see that money flows from the White House to some key areas; disaster relief, energy, healthcare, education, transportation, land management, housing, defense, justice, and general government. You are then able to get some great insight into how the different departments spend the funds that they receive. 

You can see that $1.3 trillion of taxpayers money is spent on the healthcare sector, for example. This is the area that receives the greatest monetary aid from the money that we contribute. At the other end of the scale, $3.5 billion is pumped into the energy industry. Take a look at the infographic below for more information.

Infographic Design By LawsuitLegal.com