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.
Congress Not Looking to Pass Internet Sales Tax Anytime Soon
Ever since the Internet became a worldwide sensation, there have been those who think it should be taxed, especially Internet sales from state to state. Taxing the Internet would be a huge source of extra revenue for the government, but for those who use the Internet to shop (which is just about everyone these days),…
NBA Stars Losing Hefty Amounts of Their Salary to the Taxman
Just about everyone knows that professional athletes make a ton of money. Whether you agree with athlete salaries or not, the fact is those hefty numbers you always see reported when an athlete signs a new deal aren’t really all that they’re cut out to be. Oh sure, they are making a lot of money,…
Successful Investing With Taxes in Mind
There are many ways to earn money, but no matter how you get your income the IRS wants its piece of the pie. That includes any gains you make from your investments when you sell them. Although everyone does have to pay tax on their gains, you shouldn’t give the IRS any more than what…
IRS Is Carefully Watching Bitcoin and Other Cyber Currency
Big Brother is watching. Always watching. In this case, Big Brother is the IRS and you might be surprised what they’re looking into now. Although, when it comes to the IRS, nothing should surprise us. Have you ever heard of Bitcoin? It’s one of a handful of virtual currencies that making buying and selling things…