Report via the Independent Institute
To help Americans see how their federal taxes are being spent, the Independent Institute today launched a free mobile app called MyGovCost. Available in the Apple Store for the iPhone and iPad, MyGovCost shows taxpayers how their taxes are spent by the U.S. government. It also calculates a taxpayer’s lifetime federal tax liability.
“MyGovCost provides custom-made calculations that allow each individual taxpayer to see exactly how his or her tax liability relates to the $3.5 trillion in annual federal spending and the $17.6 trillion national debt,” said Lawrence McQuillan, Director of the Independent Institute’s Center on Entrepreneurial Innovation. “Thanks to MyGovCost, what used to be clouded in mystery is now intelligible, quantified, individualized, and easily accessible just by tapping on your iPhone or iPad.”
By entering your age, income, and level of education, the MyGovCost personal Government Cost Calculator:
- Estimates your share of federal spending, federal taxes, and national debt.
- Shows how your tax dollars are spent on major program categories, including Defense, Health Care, Social Security, Interest on the Debt, Welfare, Environment, Education, and more than a dozen other program spending areas.
- Projects how much you would have at the end of a lifetime if you had been allowed to keep the money and invest it.
Additionally, the MyGovCost App offers news, blogs, videos, and articles from renowned scholars and other experts on runaway government spending and related topics.
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