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How Your Tax Dollars Are Spent, in 10 Photos

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With the calendar cycling over to March, taxpayers are left with just a hair over six weeks to do their taxes, or file for an extension, in 2014.

Tax season is a dreaded time of the year for many of us simply given the amount of time and effort that must be put in to complete our taxes – from mind-numbing calculations to the always fun receipt hunting. Yet, for all our squabbling about how much we dislike doing our taxes, more than four out of every five tax filers will receive a refund!

Last year the Internal Revenue Service collected over $2.5 trillion in revenue during tax season -- but have you ever really stopped to think where all of that tax revenue ends up? A report from The National Priorities Project helps answer this age-old question of where your tax dollars get spent. Simply click on the following slideshow for your pictorial and educational view of how your tax dollars get apportioned.

Is Uncle Sam about to claim 40% of your hard-earned assets?
Thanks to a 2013 law called the American Taxpayer Relief Act, or ATRA, he can, and will, if you aren't properly prepared.

Fortunately, The Motley Fool recently uncovered an arsenal of little-known loopholes to protect yourself from ATRA and help keep the taxman at bay when he inevitably comes calling. We reveal them all in a brand-new special report. Simply click the following link below for instant, 100% free access.

Protect my hard-earned wealth from Uncle Sam

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Comments from our Foolish Readers

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  • Report this Comment On March 02, 2014, at 11:57 AM, thecleverbulldog wrote:

    It is preposterous to claim 42% goes to defense. It ignores the huge amount of the defense budget that is used for non-defense items, and ridiculously assumes that half of the debt is attributed to defense. Debt results from spending more than you take in, and it can not be decided which dollar spent was actually collected and which was borrowed. If social spending were cut, the debt would be lower, regardless of war spending. And if hundreds of billions were not wasted on the EITC, the debt would be much lower (and this type of welfare is not even listed as spending)

  • Report this Comment On March 02, 2014, at 12:47 PM, revends21 wrote:

    Its so horrible to know that a whopping 43% of tax payers money goes to defense!!??? Most of this defense expenditure is shadowy!

  • Report this Comment On March 02, 2014, at 12:49 PM, revends21 wrote:

    And un-needed burden on the tax payers, that is gobbled by the military-oil-industrial complex!!! Look at the other numbers of where the spending should really be! Its insulting!!

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Sean Williams

A Fool since 2010, and a graduate from UC San Diego with a B.A. in Economics, Sean specializes in the healthcare sector and in investment planning topics. You'll usually find him writing about Obamacare, marijuana, developing drugs, diagnostics, and medical devices, Social Security, taxes, or any number of other macroeconomic issues.

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