Americans Spend More on Taxes Than Food, Clothing, Shelter COMBINED

 

Key Findings

• This year, Tax Freedom Day falls on April 24, or 114 days into the year (excluding Leap Day).
• 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 to slightly lower federal tax collections as a proportion of the economy.
• Americans will collectively spend more on taxes in 2016 than they will on food, clothing, and housing combined.
• If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 16 days later, on May 10.
• Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nation’s tax burden.

Learn more about how TAXATION IS THEFT here