Americans pay more in taxes than for housing, food, clothes combined

 Our tax bill for 2016 will top $4.9 trillion 

April 18, 2016 By Catey Hill 

What we spend on our home, food and clothing pales in comparison to our annual tax bill.

In 2016, Americans will pay roughly 20% more for their federal, state and local taxes than for the their housing, food and clothing combined, according to an analysis by the Tax Foundation, a nonpartisan tax research organization.

In 2016, Americans will likely spend roughly $1.6 trillion on food, $2.1 trillion on housing and $360 billion on clothing, totaling about $4.1 trillion. Meanwhile, their total tax bill will be about $4.9 trillion ($3.34 trillion in federal taxes and $1.6trillion state and local taxes)...........To Read More...