your tax dollars at work
The federal budget for fiscal year 2019 (Oct. 1, 2018-Sept. 30, 2019) is about $4.407 trillion, which requires quite a bit of borrowing considering tax revenue for the year is likely only $3.422 trillion. Almost exactly half of that $3.422 trillion comes from federal income taxes, about one-third comes from payroll taxes, 7 percent comes from corporate taxes, 3 percent comes from excise taxes (like the gas tax) and 5 percent comes from other miscellaneous taxes. All in all, that's a hefty chunk of change.
To help put those numbers in perspective, we wanted to find out if someone were to pay a total of $1,000 in taxes this year (including Social Security and Medicare taxes), for example, where would it all go? Here's a breakdown of how your federal tax dollars are spent.