What Do Federal Taxes Fund?

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Federal taxes are used to fund a variety of government functions, including balancing the budget, combating terrorism and promoting America's growth. Learn how income tax is used to try to keep America prosperous with information from a certified public accountant and personal financial planner in this free video on taxes.

Part of the Video Series: Tax Law, Real Estate & Credit Tips
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Video Transcript

My name's Miranda Chook, a CPA. Income tax receipts are the country's largest revenue stream. And it's followed closely by social insurance and retirement receipts and corporation income taxes. Now for the 2009 budget that was submitted in early 2008, the top 3 uses of those funds have to do with balancing the budget by the year 2012, had to do with combating terrorism and protecting the homeland to keep America safe such as funding wars in Iraq and Afghanistan. And thirdly it had to do with promoting America's growth by preventing income tax increases and helping to keep America prosperous. And as you've seen, there have been talk back and forth on those tax increases whether to keep them permanent or not. Now obviously this budget was submitted prior to the currently authorized trillions of dollars to address the current economic and financial crisis. So to get breaking news on this and budgets for the next year, take a look at the website for the White House or the US Budget Office.


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