80% of Taxpayers Don't Know What Their Income Taxes Pay For
Press release from the issuing company
Wednesday, March 19th, 2014
According to new findings from personal finance site GOBankingRates.com, just 20.9% of taxpayers say they are absolutely certain how their income tax dollars are spent, leaving almost 80% of people not knowing what happens after they pay their taxes.
GOBankingRates surveyed 1,501 people on how strongly they agreed with the following statement: "I know how my income tax dollars are used."
Responses were as follows:
|
Strongly agree: |
8.50% |
|
Agree: |
12.40% |
|
Neutral: |
29.70% |
|
Disagree: |
23.70% |
|
Strongly disagree: |
25.70% |
"Considering the significant percentage of our income that is taken for taxes – between 10% and 39.6% – it's amazing more taxpayers aren't aware of exactly how that money is being used," said Casey Bond, GOBankingRates' managing editor. "We wanted to close that knowledge gap and make this information more readily available and digestible to the people who are paying for our country's programs and benefits."


