Where Do YOUR Taxes Go?April 15, 2010 - 12:15 PM | by: William La Jeunesse
Almost half the nation won’t owe income taxes Thursday, thanks to the Bush tax cuts and thousands of dollars in refundable tax credits from President Obama. That’s why America’s income tax burden looks the way it does.
The top one percent of tax payers — those earning over $390,000 — pay the same amount in income taxes as the lowest 95 percent of Americans combined. That top one percent also earns a huge portion of the nation’s income, while the taxpayers in the lowest 95 percent each make less than $150,000, according to the Tax Foundation.
“Last year, Washington paid out more than $70 billion in refundable tax credits to individuals who either had no income tax liability or just a small one, so that’s why people look at April 15 as pay day rather than tax day,” said Scott Hodge, President of the Tax Foundation.
Regardless of how much each American is paying, no one wants his or her money being wasted. Take the C-17, a transport plane Obama tried to cancel last year and is again targeting for termination this year.
In fiscal year 2010, Congress appropriated $2.5 billion to procure 10 C-17 transport planes — even though the initiative has been opposed by both the Bush and Obama administrations and the Department of Defense decided to cease C-17 production in 2007.
Do you want your tax money to pay for 10 C-17 transport planes the Pentagon says it does not want or need, even if it does employ people in 10 states?
We crunched the numbers so you can find out how much it costs you. If you earn $15,000, the planes will cost you a little more than a dollar. If you make between $200,000 $250,000, the planes will cost you about $70.
How about funding for NASA? Obama’s fiscal year 2011 budget would end funding for the Constellation Systems program, initiated by NASA in 2005 to return astronauts to the moon by 2020 and later to Mars. The administration says the program is behind schedule and cannot achieve its goals without budget increases.
Now it is your turn to tell Congress which programs you would like to keep funding, and which ones should go.
Even though the nation is technically broke, not everyone votes no.