Ever wonder where your taxes go? Each year, the Institute for Policy Studies releases a tax receipt so you can find out.
One item always stands out: the Pentagon — and the contractors who profit off it.
In 2023, the average taxpayer spent $2,974 on the Pentagon. Of that, just $705 went to salaries for the troops, who often have to rely on programs like food stamps. A much larger sum — $1,748 — went to corporate Pentagon contractors. That’s more than the average American’s monthly rent, $1,372.
From Lockheed Martin (the top federal contractor and longtime weapons maker) to SpaceX (which Elon Musk runs when he’s not spewing racist and anti-semitic tropes), these corporations don’t need your support. And they aren’t operating with your well-being in mind.
Enriching them comes at the cost of better health care, education, clean air and water, disaster management, and more. Here are just five examples from the average tax bill.
1. Pentagon contractors ($1,759) vs. the Child Tax Credit ($110).
In 2024, the Pentagon budget is set to increase by $27 billion, bringing the department’s budget to about $825 billion. About half of that will go to for-profit contractors.
Meanwhile, an expansion of the Child Tax Credit during the pandemic …read more
Source:: Institute for Policy Studies