The Tax Burden
The
Federal Government spends on average about $7,149 for every person living in the United States. Let's put this another way: if every man, woman, and child paid a flat tax of $7,149, the revenue raised would balance the entire federal budget.
Of course, not everyone pays $7,149 in federal income taxes. Some pay more because they earn more income. Others pay less because they earn less income or can take advantage of various tax deductions and credits.
Your Bottom Line
Compare your taxes to federal spending. Look on your latest 1040 line 60. This line calculates your Total Tax. This is the amount of tax you owe the federal government, based on your unique situation. Are you paying less tax than your tax burden, or more than your tax burden?
What To Do About It
If you want to help reduce the federal debt, you can
make a gift to reduce the Public Debt. In 2003, individuals contributed over $1.2 million to reduce the federal debt. This gift may be deductible as an itemized deduction on your tax return.
