Personal tax earmarking is a new scheme developed by the Internal Revenue Service (IRS) in order to make paying taxes less feel like less of a chore and also significantly easier.
Personal tax earmarking is an initiative that allows taxpayers to choose where a portion of the budget of each government agency should be allocated. A tax paying individual can visit the IRS web site and go through the various budgets and line items that are posted by a large number of government agencies. The tax payer can choose how he wants a portion of the budget should be allocated. Some of the things that are posted in the personal tax earmarking program include: funding for alternative energy research, funds for building a new nuclear submarine, retrofitting a Stealth Bomber, or contributing to the maintenance and repair cost of the Hubble telescope. Almost all government agencies are represented in the program.
The taxpayer who is interested in joining this free project will be select which items he wants to support or give funds to from a list. But the scheduling is on a first come, first served basis. The taxpayer will log on to the web site and then choose which expenses and projects he wants to allocate his tax payment to. He can even click on thumbnails to view a screenshot of where the money will go to.
Personal tax earmarking benefits the taxpayer in a number of ways. First, it encourages taxpayers to become more well informed about the country's budget. The taxpayers will also develop a sense of ownership towards the country's various projects and endeavors. Finally, by becoming more well informed about the government's projects, this can encourage them to make politicians become more accountable for how they spend the tax payers' money.