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What do your Taxes pay for?
What Do Your Taxes Pay For?
Taxes are one of the biggest budget items for most taxpayers, yet many have no idea what they’re getting for their money.
The average household spends more on taxes than on groceries, clothing, or healthcare. In fact, 11% of our income, on average, goes to personal income taxes, which doesn’t include sales tax, property tax, Social Security payments, or Medicare payments. So, what do we get in return?1
The accompanying chart breaks down the $6.8 trillion in federal spending for 2024 into major categories. One of the biggest categories is Social Security, which consumes 22% of the budget. Defense takes 13% of the budget, and 13% goes to Medicare.2
Are taxes one of your biggest budget items? Take steps to make sure you’re managing your overall tax bill. Please consult a tax professional for specific information regarding your individual situation.
Pieces of the Federal Pie
Over half of 2024 federal spending was used for Social Security, Medicare, defense, and Medicaid.
Source: CBO.gov, March 20, 2025. Figures represent total outlays for the 2024 fiscal year, as reported by the Congressional Budget Office.
1. ValuePenguin.com, January 10, 2024
2. CBO.gov, March 20, 2025
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2026 FMG Suite.
A quick guide on how to scan documents with your phone
A Hard Conversation Made Easy
A Hard Conversation Made Easy Throughout previous stages of life, you might have become accustomed to keeping your financial matters fairly close to the chest. Now, however, would be a good time to start involving your family as you develop and effectuate your estate...
Planning Your Legacy & Your Family’s Financial Future
Planning Your Legacy & Your Family's Financial Future Estate planning, or legacy planning, can play a critical role in your ability to save for and shape your family’s financial future. While most people think of estate planning as something to be addressed later...
Requirements for 1099 Form-2025
Requirements for 1099 Form-2025 By Erin Pitts, CPA Form 1099 for certain payments made during the tax year. You are required to file a Form 1099 if you paid $600 or more to a non-employee, such as independent contractors, freelancers, or other service providers....
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Does your Child Need to File an Income Tax Return?
Does your Child Need to File an Income Tax Return? As parents, we encourage our children to work, so they can learn important values about work and independence. At what point, if at all, do children need to file an income tax return for the money they earn? The IRS...
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