Americans spend more on taxes than food, clothing, housing combined… – Joe Walsh

Americans spend more on taxes than food, clothing, housing combined…

Economy, Politics

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From The Washington Examiner:

A tax advocacy group on Wednesday revealed that Americans spend more on taxes than their whole budget for food, clothing and housing.

— Collectively, Americans will spend more on taxes in 2016 than they will on food, clothing, and housing combined.

— Americans will pay $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of almost $5.0 trillion, or 31 percent of the nation’s income.

— Tax Freedom Day is one day earlier than last year, due mainly to the Protecting America from Tax Hikes Act of 2015, which made several business and individual tax cuts permanent.

— If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 16 days later on May 10.

Read more at The Washington Examiner.

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