Tax Break

It’s that time of year – taxes are due in the United States on April 17 — and the Obama administration wants you to know where your tax dollars are going. The White House updated a calculator on Wednesday that aims to show you where your money is being spent,  which federal programs your tax dollars are funding and in what amount.

“Your Federal Taxpayer Receipt” asks for estimates of taxes paid, or lets you choose a category.

For example, a family with $80,000 of income and two children that pays 5 percent into a 401(k) and claims a workers and child care credit should pay about $9,110 in taxes – including those for Medicare and Social Security.

The biggest chunk of federal taxes — nearly 25 percent — goes to fund defense programs, according to the current budget, the calculator says. Healthcare is a close second at close to 24 percent.

Net income on the debt takes up about 8 percent of federal taxes, while international affairs eats up just 1.6 percent.

See the calculator here: http://www.whitehouse.gov/2011-taxreceipt

The White House couldn’t resist a little political advertising at the bottom of the site –  noting that 1,470 people who made more than $1 million in 2009 paid $0 in federal income taxes, and adding a link trumpeting its “Buffet rule”  to ensure the wealthy pay at least some taxes.