GOBankingRates Finds 4 Out of 5 Taxpayers Don't Know What Their Income Taxes Pay For

To inform taxpayers, GOBankingRates released an infographic illustrating exactly what their income taxes are funding

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Mar 18, 2014, 09:15 ET

LOS ANGELES, March 18, 2014 /PRNewswire/ -- According to new findings from personal finance site GOBankingRates.com, just 20.9% of taxpayers say they are absolutely certain how their income tax dollars are spent, leaving almost 80% of people not knowing what happens after they pay their taxes.

CLICK HERE to see the complete findings:
http://bit.ly/1eLrCh7

GOBankingRates: Tax Receipt for the Average American, 2014. (PRNewsFoto/GOBankingRates) (PRNewsFoto/GOBANKINGRATES)

GOBankingRates surveyed 1,501 people on how strongly they agreed with the following statement: "I know how my income tax dollars are used."

Responses were as follows:

Strongly agree:	8.50%
Agree:	12.40%
Neutral:	29.70%
Disagree:	23.70%
Strongly disagree:	25.70%

"Considering the significant percentage of our income that is taken for taxes – between 10% and 39.6% – it's amazing more taxpayers aren't aware of exactly how that money is being used," said Casey Bond, GOBankingRates' managing editor. "We wanted to close that knowledge gap and make this information more readily available and digestible to the people who are paying for our country's programs and benefits."

To see the data in an infographic, go to http://bit.ly/1eLrCh7.

GOBankingRates referenced the per capita personal income as a basis for the average American's tax bill. Some of the biggest spending categories include national defense (24.64%), health care (22.45%), and job and family security (17.26%).

About GOBankingRates

GOBankingRates is a personal finance website that connects consumers with the best interest rates nationwide on savings, checking, money market and CD accounts, as well as auto loans. Its editors are regularly featured on several top media outlets, including U.S. News & World Report, Forbes, Huffington Post, Yahoo! Finance and Business Insider.

For questions, please contact:

Connie Lundegard
[email protected]
310.297.9233 x112

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SOURCE GOBankingRates