April 2, 2012
Tax deadlines are close approaching, and as you are preparing to send in your hard earning money to pay your taxes, here is a brilliantly crafted infographic, courtesy of H&R Block, on income tax system statistics.
Some highlights of the tax system:
- 35% – Average income tax rate in the US (20% higher than Hong Kong’s rate)
- 26.3% of every tax dollar is spent on the military, 24.3% on health care, & 21.9% on education
- 7.4% of every tax dollar is spent on debt interest ($472 Billion in 2013 alone)
- Average refund expected to be over $2,900 (meaning an average of $2,900 was over-paid)
In these economic harsh times and with debt accumulated from economic action plan spending, debt interest portions are sure to increase. A balance should be struck to ensure future generations are not enslaved to pay the interest and deprive citizens of much needed social services. Imagine what $472 Billion could pay for in 2013 instead of debt payments. How much will this impact you?
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