I am completely mystified about the United States Federal Income tax system. Where exactly does that money go? Is there a resource available to the public were taxpayers can see an itemized budget of how the Federal Income tax collected is spent? Furthermore I am aware of the fact that for decades there has been a debate on whether or not US citizens are required to pay a Federal Income tax. Is there a law that actually requires Americans to pay a federal income tax? If so, could you point me to that law? If there is no law then why are Americans required to pay it?

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Posted by Moses R (MONEY FORUMS: 6, Answers: 1)
Asked on March 2, 2016 12:33 pm
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Moses, I am including two links in this response…one shows the breakdown of government spending ($3.7T for 2015),
http://www.usgovernmentspending.com/federal_budget_fy17rs12015n
and the second shows the sources of revenue (and borrowing) to pay for it all:
The largest categories of spending are Healthcare (28%), Pensions (26%), and Defense (22%).
Income taxes were imposed even before the 16th Amendment was ratified in 1913, granting Congress the power to levy federal income taxes. (There were income taxes during the Civil War, for example.)
http://www.usgovernmentrevenue.com/federal_budget_fy17

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Posted by Beth Tallman (MONEY FORUMS: 1, Answers: 61)
Answered: March 5, 2016 4:34 pm