A Consumer Expenditure report has come out that shows that Americans actually spent more money paying their tax bills than they did on food and clothing last year. The average bill for state, federal and local taxes worked out to around $10,500 – Which is $1,500 more than they spent on food and clothes combined!
There is a serious issue with taxation in the United States. When a family has to send more to the government than they get to spend on necessities, the balance is all wrong. What’s needed is a complete overhaul of the system that allows people to spend more of their money on the welfare of their own.
The majority of that tax bill is to the Federal government, over half, and yet how much is being used to pay down the National debt? It seems that the debt is increasing, as are the tax bills, so what’s happening to the money? We either need to seriously make cuts to that massive debt or cut people’s taxes, because at the moment it looks like the money is just disappearing.
President Trump has been a very vocal critic of not just the tax system, but of how it works: “This enormous complexity is very unfair,” the president said. “It disadvantages ordinary Americans who don’t have an army of accountants while benefiting deep-pocketed special interests.”
Americans spent more money on taxes than they did on food and clothing last year, according to data released earlier this week.
In an assessment of “Consumer Expenditures” for 2016, the Bureau of Labor Statistics showed the average bill for federal, state and local taxes was $10,489.
By comparison, Americans spent $9,006 on food and clothes, with most of that going toward food.
CNSNews.com first pointed out the findings. While it may not come as a surprise that American households are shelling out to Uncle Sam, the data showed that bill has risen sharply in recent years — the average tax bill rose 41 percent overall since 2013.
According to the BLS, federal income taxes rose from $5,743 to $8,367 in that period. State and local income taxes rose from $1,629 to $2,046.
The stats come as President Trump prepares to pressure Congress to pass tax reform. In a Missouri speech on Wednesday, he called for simplifying the system and lowering rates.
“This enormous complexity is very unfair,” the president said. “It disadvantages ordinary Americans who don’t have an army of accountants while benefiting deep-pocketed special interests.”
According to BLS, the largest expense for Americans in 2016 was on “housing,” costing an average consumer unit $18,886 during the year.
H/T: Fox News