The Fix the Debt Campaign Steering Committee is a bipartisan group of prominent leaders and experts, including luminaries such as Erskine Bowles and Alan Simpson, the co-chairs of the White House Fiscal Commission. The Fix the Debt group put together some decent graphics regarding federal spending.
This is a “taxpayer receipt” highlighting where the money goes and highlight where it comes from in the first place.
How are our federal tax dollars spent? As the taxpayer receipt illustrates, more than $75 of every $100 paid in federal taxes goes to Social Security, federal health care, defense, and interest on the debt. And the amounts for Social Security, health care, and interest are forecast to grow considerably in the years to come.
Where does the money come from? Much of the revenue for the federal government comes from the individual income tax that many of us are rushing to complete. Another major source is the payroll tax, which is the “FICA” tax that is withheld from your paycheck. It is used to fund Social Security benefits and parts of Medicare.
But a significant part of the government is deficit financed because spending exceeds revenue. That share is expected to grow substantially in the years ahead.
Check out their blog for more information.