For Immediate Release
National Priorities Project Breaks Down Federal Income Tax Dollars to the Penny
NORTHAMPTON, MA - Ahead of the April 17 IRS filing deadline, National Priorities Project (NPP) announces the release of Tax Day 2012 with the numbers on how federal income taxes were spent in fiscal year 2011 -- down to the penny.
Twenty-seven cents of every federal income tax dollar went to the military; 21.4 cents went to Medicare and other health programs; 14.5 cents paid for interest on the federal debt; and 12.2 cents funded Social Security, income security, and other labor programs. See the full breakdown here.
For the first time, National Priorities Project will provide a Tax Receipt. Individuals can enter the amount of federal income taxes they paid in 2011, and find out exactly how much money they contributed to space flight research, disaster relief, food stamps, and more. NPP found, for example, an individual earning $50,000 and paying approximately $6,000 in federal income taxes in 2011 contributed 64 cents toward high speed rail and $21.93 to rehabilitate and train veterans.
"Our income tax dollars fund the federal government," said senior research analyst Mattea Kramer. "Yet few people know how their tax dollars are spent. While the military accounts for 27 cents of every income-tax dollar, 2.5 cents goes to education, and welfare costs six-tenths of a penny."
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The National Priorities Project (NPP) is a 501(c)(3) research organization that analyzes and clarifies federal data so that people can understand and influence how their tax dollars are spent. Located in Northampton, MA, since 1983, NPP focuses on the impact of federal spending and other policies at the national, state, congressional district and local levels. For more information, go to http://nationalpriorities.org.