Click to EnlargeWant to know what percentage of your tax bill funds our national defense, and how much you’re paying for veterans benefits? Turns out there’s an app for that.
The White House has launched a tax receipt calculator just in time for tax season so you can see to the penny what you’re paying for as a U.S. taxpayer.
The tool is simple: After you do your tax return — or your accountant does them for you — visit the website and plug in what you paid for Social Security taxes, Medicare taxes and income taxes.
Then, you find out your personal contribution to government programs.
The catch, of course, is that this is not a comprehensive look at what you’re paying for when it comes to government services.
There is no way of knowing how state and local taxes are spent. There also isn’t any disclosure on what corporations are paying. After all, employers must pay into Social Security, Medicare and unemployment programs from their own pockets for each employee. And there there’s sales tax, gas taxes and other assorted fees — including capital gains taxes, which may be the most relevant to InvestorPlace.com readers who manage their own portfolios.
But for Americans wondering how their money is being spent by Uncle Sam, this is a great first step in letting you follow the money. You may be surprised to see exactly what your taxes are paying for.
You can find the Tax Receipt Calculator at WhiteHouse.gov or follow this link.