Americans Spend More on Taxes Than Food, Clothing, Housing Combined

This year Americans will collectively give more money to the government in taxes than they will spend on on food, clothing, and housing combined, a new report from the Tax Foundation reveals.

The report shows 31 percent of the nation’s income will go to taxes — $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes.

In a demonstration of just how much money Americans will spend on taxes this year, the Tax Foundation has calculated that not only will the bill to Uncle Sam be more than most personal expenses, it will take the nation, as a whole, until April 24 to earn enough to cover the cost.

The group is calling April 24, “Tax Freedom Day.”

“Tax Freedom Day gives us a vivid representation of how much federal, state, and local tax revenue is collected each year to pay for government goods and services,” Tax Foundation analyst Scott Greenberg said in a statement. “Arguments can be made that the tax bill is too high or too low, but in order to have an honest discussion, it’s important for taxpayers to understand the cost of government. Tax Freedom Day helps people relate to that cost.”

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