Wednesday, September 26, 2018

BLS: Americans Spent More on Taxes Than on Food, Clothing Combined in 2017

By Terence P. Jeffrey | September 24, 201 Americans on average spent more on taxes than on food and clothing combined in 2017, according to the Bureau of Labor Statistic’s new data on consumer expenditures, which was released this month. 
“Consumer units” (which include families, financially independent individuals, and people living in a single household who share expenses) spent an average of $9,562 on food and clothing in 2017, according to BLS.  But they spent $16,749 on federal, state and local taxes.

The average 2017 tax bill included $7,819 in federal income taxes; $2,098 in state and local income taxes; and $51 in other taxes—which the BLS rounded to a subtotal of $9,967.

It also included $4,717 in Social Security taxes; and $2,065 in property taxes—bringing the total average tax bill for the year to $16,749..........To Read More....

My Take -  As bad as this is, it's actually worse. When they discuss how much is spent on food and clothing they fail to point out how much of those costs are as a result of taxes imposed on the producers.  Taxes and regulations are a cost of doing business and those costs are passed on to the consumer.  I effect - those are hidden taxes on everyone, including those who pay no federal income tax, which runs approximately between 45 and 50 percent of the population. 

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