Republican presidential candidate Donald Trump is under fire yet again for yet another controversy. No, this is not about his sexual assault talk, but about how Trump declared a $916 million loss in 1995 and allegedly has not paid his federal taxes since. Trump said that this “made him smart” in the debate on Sept. 26th. He also confirmed he used this as a write off in the debate on Oct. 9. However, paying federal taxes is incredibly important for the United States.
You may notice that taxes such as Medicare, Social Security, and Federal Income Tax are taken out of your paychecks. It can be aggravating to lose that significant amount of money, especially when you’re in desperate need of it. This is a legitimate reason to not want to pay your federal taxes, but there are also legitimate reasons of why you need to pay your federal taxes.
Your paychecks may say what the money has been taken out for, but you may be clueless on where this money goes. Does it actually go toward what it says? What does the government do with your hard-earned money? The Center on Budget and Policy Priorities has broken down our federal tax dollars from 2015 to explain where our money goes. Of the $3.7 trillion the federal government spent, $3.2 trillion was financed by federal revenues.
Social Security: Roughly $888 billion provides monthly retirement benefits averaging $1,342 to 40 million retired workers. Social Security also provides benefits to the families of retired, deceased, or disabled workers.
Medicare, Medicaid and Other Health Insurance Programs: $938 billion provides health insurance to more than 120 million Americans. This also includes the Affordable Care Act, also referred to as “Obamacare.”
Defense and International Security Assistance: $602 billion paid for defense and security-related activities.
Safety Net Programs: $362 billion supports programs like low-income housing assistance, food stamps, and providing income for the elderly or disabled. These programs keep millions out of poverty each year.
Interest on the National Debt: Approximately $223 billion pays interest on the federal government’s debt.
Education: While there is no specific amount, this money funds elementary, middle and high schools, as well as higher education and vocational schools.
Science and Medical Research: This revenue is used to fund general science, space, health, and technology research.
Benefits for Federal Retirees and Veterans: Obviously, this helps out veterans and provides them with benefits to live.
As you can see, our federal income taxes go toward helping our fellow Americans. We help retired workers continue to receive income, provide health insurance for the families who can’t afford it, and keep millions out of poverty. The point of having federal income taxes is to ensure success for everyone. Every single American has a right to a stable life without having to worry about their future. With this money from federal taxes, kids can stay healthy, the homeless are able to get off the streets, and food is put on the table for families.
When Donald Trump does not pay his taxes, and insists that corporations and the 1 percent should receive tax breaks, he implies that these people do not deserve to have good health or even something to eat. Paying federal taxes may not be the most pleasant activity to do, but it provides millions of Americans with what they need to live. He can claim that the wealthy should have lower taxes, but by doing this, he is denying people their rights.
Your federal tax dollars are important for the good of the United States. While it’s disappointing to see that money gone from your paycheck, remember where it’s really going to.
You can read the full report by The Center here.