Which Is Higher, Your Food Bill or Your Tax Bill?
How high is your tax bill? Would you say you spend more on taxes than you do on food? What about clothing and shelter; do you spend more on them than you do on your taxes? The answer might surprise you. That’s because in actuality you probably spend more on your taxes every year than you spend on all three of those things combined. That’s according to the Tax Foundation, which claims that Americans pays more in taxes every year than they do for essential necessities.
According to the Tax Foundation, Americans will pay $4.85 trillion in taxes in the year 2015 between federal and state taxes. That is approximately 31 percent of the country’s total income. Meanwhile, based on data from the Bureau of Economic Analysis the Tax Foundation estimates that the country will spend about $4.3 trillion in 2015 for basic necessities such as food, clothing and housing.
So do these numbers represent a real issue for the country and its citizens? That depends on how you look it. On the down side, the difference between spending on the basic essentials and taxes is getting worse. Whereas in 2012, the difference was about $150 billion, in 2015 it will likely be about $550 billion. That’s not a good sign. However, the Tax Foundation does not decipher spending between the different classes, so the number could be somewhat misleading.
In any case, there is no question that Americans are paying a hefty tax bill every year and the numbers would appear to indicate that that tax bill is only going to continue to rise. If you are interested in learning more about keeping your tax bill as low as possible, then contact us at GROCO today at 1-877-CPA-2006, or click here.
Identity Theft: Has your name been stolen?
Identity Theft: Has your name been stolen? Identity theft—the unauthorized use of an individual’s name or personal information to obtain money or credit—is the fastest-growing white-collar crime. Most probably, more than 700,000 Americans will be victims of it this year, with costs to them averaging over $800 and 175 hours of time spent trying to…
Q & A: IRAs for your Children
Q & A: IRAs for your Children Establishing a retirement plan for a child might, initially, sound a bit strange—or at least premature. Truly, it is not. Establishing an IRA for your children or grandchildren can help them achieve financial independence in retirement and, possibly, for the rest of their lives. That claim may raise…
Land Management: Conservation Easements
Land Management: Conservation Easements Real property–land and the home or other structures on it–often has special significance to the family that owns it, to the surrounding community or to the ecology of the area. It may have played a role in an historical event; provide habitat for wildlife; command a magnificent view; or offer access…
Personal Finance 101
Personal Finance 101 The subject of personal finance is very broad, but as a beginning, I would like to discuss what I consider the foundations of personal finance: Security, Stability, Growth and Protection & Management. Security Security to me means that I am prepared for the “hit by a bus” scenario. I have life insurance…