How Do Your Tax Dollars Get Spent?

Remember when you received your first paycheck at your first job and the amount was a little lower than expected? Surprise! Some of that money was already spent for you. Have you ever stopped to figure out exactly WHAT is being bought with all that money you send to Washington each year?

Two Cents on Twitter: @twocentspbs

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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Philip Olson, CFP®
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Andrew Matthews
Images by: Shutterstock
Music by: APM

SOURCES:

[fennecfoxfanatic]

The science and education numbers are depressing :(

[Luxyglamlife]

Please explain how tax returns work next. I know a lot of people still are confused on why some people pay taxes and others collect them. Thanks in advance 🌸💕

[Mubashar]

You should make a comparison video with Canada's tax system

[bleedthrough]

anyone else notice he crossed his fingers when he said "...just like tabitha will." at 2:20....yeah

[Hannahbenowitz]

The tax code seems overly complex, making it difficult to identify the most tax-efficient strategies for my income and investments. Are there resources available to help me understand relevant deductions and credits that could maximize my after-tax returns?

[congnghe]

The US government doesn't have a problem with revenue; it, however, has a big problem with spending.

[walterhoward]

60% of Tabitha's tax bill goes to insurance programs, but she still has to pay for her own insurance. Great system we have here.

[FawziBreidi]

All this money to Healthcare and still no solution.

[zachfox]

what if people could have a bigger say in where their tax dollars go?

[oogabooga]

Great Content. The amount of Financial Awareness i get from this channel has definitly changed my life view. Im just starting my life but I'm starting off good. Just 17 years old

[russellchase]

I like how you crossed your fingers at 2:20 when you said Tabitha will enjoy SS benefits someday.

[Alystas]

Two third of income taxes to healthcare and somehow americans can't get universal healthcare... Well done X)

[rodia_the_smg_guy]

paying so much for the military, that's so sad, should be more focused on science and school

[alterfun]

The amount going for education and science is laughably low.

[itonner]

"The money our government collects in taxes...belongs to all of us."


Therein lies the problem.

[kisaragi-hiu]

1:17

I think you just failed to explain tax brackets. Individuals don't get taxed 70%, only the money above the threshold do.

[Will-jgzs]

*Tabatha has exited the chat*




and moved to Canada, *eh*

[GriffinWiebel]

Is there a way we could get a downloadable infographic of that pie chart shown during Run the Numbers?

[kennythekid]

2:19 I love how you crossed your fingers there

[jm]

Policemen, trees, sunshine, and let's not forget the folks who just don't feel like working, God bless 'em.