July 23, 2014

Follow the Money

  • The national debt has grown significantly in recent years due to rising annual deficits. A deficit occurs in any year the government spends more...

"Where is all of the money going?" While filling out tax returns and writing checks to the federal government, people often ask this question. Finding answers became easier last week when the White House released an online federal tax receipt.

By entering a few numbers from their tax returns, taxpayers will now be able to receive an itemized list showing how their tax dollars are distributed among federal programs, including interest on the debt.

President Obama proposed the receipt in his State of the Union address this year.  A similar receipt was also proposed in bipartisan legislation introduced in the House last week and in the Senate earlier this year.