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.
Building Confidence in Your Career | Andrew Bergman
About Andrew Bergman Andrew is an accomplished writer with extensive experience in the field of media/entertainment. He launched his career as a freelance writer as well as translating books. He then had the opportunity to create and write many segments for Good Morning America and a variety of other ABC Network programs until the…
Networking: How to Stand Out | Paul Bagen
About Paul Bagen For more than 20 years, Paul has assisted businesses and individuals in the reaching of their professional and personal goals. He has extensive experience as a public speaker, instructor and coach. His passion is training, motivating and coaching others to achieve their goals and realize their dreams in life. “Through the…
Conscious Leadership Institute | Cam Danielson
About Cam Danielson Cam is a partner at MESA Research Group and co-founder and principal at the Conscious Leadership Institute. His work focuses on assisting leaders and management teams to revision future direction and opportunity amid the turbulence of personal, organizational, and societal change. Cam has distinctive competence in delivery of mindfulness workshops, executive…
Authors that Inspire | Jeff Benedict
About Jeff Benedict Jeff Benedict is a distinguished professor of writing and mass media at Southern Virginia University. He is an award-winning investigative journalist, essayist, and a best-selling author. He is a contributing writer for Sports Illustrated, and his work has appeared numerously in the Los Angeles Times, and the Hartford Courant. Benedict’s books…