What Do Your Tax Dollars Pay For?

Have you always wondered what your tax dollars are being spent on?

Joe Hockey Well soon you'll know exactly where your payments are going, thanks to the new federal treasurer, Joe Hockey.

In a press release given earlier this month, Mr. Hockey has promised to provide taxpayers with a receipt that shows how their tax money is being spent.

"Taxpayers deserve to know where their money is being spent," Said the Treasurer.

"This [...] Will help maintain pressure on Government to ensure that tax revenue is spent wisely."

These receipts will show exactly how much of your tax bill goes to each area of government spending, and will be sent out to taxpayers after completing their tax returns from next year.

If they were given out this year, they would show that the highest percentage of your tax bill goes to welfare payments, followed by health funding.

The states and territories then take their cut, followed by education spending coming in 4th, and Defence funding rounding out the top 5.

Below is an example of what a receipt may have looked like if you received one this year. It is based on a tax payment of $15,000, all the figures have been calculated based on figures of total federal government spending from the latest budget.

Your Tax Receipt

Do you think your tax dollars are being spent in the right areas?

Where would you choose to spend your tax dollars if you could?

Let us know your thoughts in the comments below!

(If you want to use this picture on your blog, just copy and paste the code below)

<a href=http://www.moneybuddy.com.au/blog/General/what-do-your-tax-dollars-pay-for/87><img src="http://www.moneybuddy.com.au/images/uploads/tax-receipt.gif" width="400" height="872"></a>
<br><p><sup>[For more great financial info check out <a href=http://www.moneybuddy.com.au/>MoneyBuddy</a>.com.au]</sup></p>

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