The U.S. federal government collects more than $5 trillion in taxes every year. In the first quarter of 2024 alone, the government collected $1.86 trillion in taxes this year. The taxes are then used for various purposes to support and lift the economy of the country. From health care to infrastructure and national security, the White House diversifies your taxed US dollar to support various sectors that benefit the American people.
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Read here to know how many sectors in the U.S. will be affected if other countries ditch the dollar for trade. Moreover, for every 1 US dollar tax you pay, it gets divided into various parts to uplift the country. In this article, we will highlight where your 1 US tax dollar goes.
Taxes: Where Does Your 1 US Dollar Go?
For every 1 US dollar that gets taxed, around 10 sectors benefit from the taxation. While some sectors benefit directly, others are benefitted indirectly. It covers health, defense, and commerce. Below is the list of sectors where your taxed 1 dollar goes according to the US Bureau of the Fiscal Service.
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22 Cents – Social Security
14 Cents – Health
14 Cents – Medicare
13 Cents – National Defense
13 Cents – Income Security
11 Cents – Net Interest
5 Cents – Veterans’ Benefits & Services
2 Cents – Transportation
2 Cents – Commerce
4 Cents – Other
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Social security gets the highest with 22 Cents over every 1 US dollar that gets taxed. Also, Health and Medicare come second with 14 Cents each. National security and income security come third with 13 Cents on the dollar each. However, Veteran benefits and services receive 5 Cents for every 1 US tax dollar.
In addition, transportation and commerce receive the least with 2 Cents for every 1 US dollar. The others or miscellaneous gets 4 Cents of the USD.
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