Friday, April 16, 2004

Tax and Spend

Now that we've finally sent in our tax returns, it's a good time to contemplate where the money is going. Tyler Cowen gives a good breakdown here. (His source is a Washington Times article.) The bottom line:

The federal government is projected to spend $21,671 per household in 2004...$3,500 more than in 2001. Tax revenues will reach $16,981 per household through a combination of the income tax, payroll tax, gas tax, estate tax and assorted business taxes typically passed on through higher prices and smaller investment returns. The remaining $4,690 represents the deficit per household, which will be dumped in the laps of our children.

Read the whole thing for more details.

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