How Much Is Washington's Big Spending Costing YOU?

News provided by

Independent Institute

Apr 14, 2014, 11:00 ET

OAKLAND, Calif., April 14, 2014 /PRNewswire-USNewswire/ -- To help Americans see how their federal taxes are being spent, the Independent Institute today is launching the free mobile MyGovCost App based on the Government Cost Calculator website at MyGovCost.org. Available in the Apple App Store for the iPhone and iPad, MyGovCost personalizes how any American taxpayer's taxes are spent by the U.S. government in 2014 and over his/her lifetime.

"MyGovCost provides custom-made calculations that allow each individual taxpayer to see exactly how his or her tax liability relates to the $3.5 trillion in annual federal spending and the $17.6 trillion national debt," said Lawrence McQuillan, Director of the Independent Institute's Center on Entrepreneurial Innovation. "Thanks to MyGovCost, what used to be clouded in mystery is now intelligible, quantified, individualized, and easily accessible just by tapping on your iPhone or iPad."

By entering a person's age, income, and level of education, MyGovCost's Government Cost Calculator:

  • Estimates any American's share of federal spending, federal taxes, and national debt, utilizing the latest data available from key government agencies
  • Shows how each American's tax dollars are spent on major program categories, including Defense, Medicaid, Medicare, Social Security, Interest on the Debt, Welfare, Environment, Education, totaling more than a dozen program spending areas
  • Projects how much any American could have earned had he or she been able to keep his or her income and invest it under a typical, long-term investment scenario

Additionally, the MyGovCost App offers news, blogs, videos, and articles from renowned scholars and other experts on runaway government power, spending, debt, and related topics.

MyGovCost is a product of the Independent Institute, a nonprofit, non-partisan, scholarly research and educational organization that sponsors in-depth studies of critical social and economic issues. The mission of the Independent Institute is to boldly advance peaceful, prosperous and free societies grounded in a commitment to human worth and dignity.

SOURCE Independent Institute

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