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Wednesday, April 04, 2007

 

The Tax Man Cometh - Where Our Money Goes


Guns and Butter

It is that time of the year. April 17, the deadline for filing tax returns, is nagging those who have yet to begin the process. Of course, there are those who filed early and already got their refunds -- lucky them.

As President Bush and Congress face off over appropriations for his pet war, cover of The New Yorker, (copied below) reminds us where our money --- a great chunk of it goes. When it comes to Defense budgets we are Number 1, unquestionably the 500 lb. gorilla towering over the rest of the world. Some interesting facts:

How does it compare against other nations? Back in 2005, it was reported in Jane's Defence Industry Weekly:
  • Defence expenditure in the US will equal that of the rest of the world combined within 12 months, making it "increasingly pressing" for European contractors to develop a "closer association" with the US, corporate finance group PricewaterhouseCoopers (PwC) says.

Take a look at major member nations of the European Union. The numbers (in US Dollars) were reported in February 2005.
Institute for Security Studies, European Union

United Kingdom 49 Billion - Percentage of GDP 2.4 (2003)
France 40 Billion - Percentage of GDP 2.6
Germany 29.7 - Percentage of GDP 1.5
Italy 17.5 - Percentage of GDP 1.9

Total for 15 European Union member countries was 126.94.

Percentage of GDP for the United States was 3.7

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