Home Economy Americans Spent More on Taxes in ’16 Than Food, Clothing

Americans Spent More on Taxes in ’16 Than Food, Clothing

A logo sign outside of the headquarters of the Internal Revenue Service (IRS) in downtown Washington, D.C., on April 2, 2017. Photo by Kristoffer Tripplaar *** Please Use Credit from Credit Field ***(Sipa via AP Images)

The average American family spent more money on taxes in 2016 than they did on food and clothing, according to a new analysis.

CNSNews.com cites a recent Bureau of Labor Statistics study that showed the following:

  • American households spent an average of $10,489 on local, state, and federal taxes last year.
  • They spent $7,203 on food and $1,803 on clothing in 2016.
  • The average tax bill increased from $7,423 in 2013 to $10,489 in 2016.
  • The only household expense higher than taxes last year was housing, which averaged $18,886. That figure includes mortgage and rent payments, utilities, and other related costs.

President Donald Trump discussed his vision for reforming the nation’s tax system during a speech in Missouri on Wednesday.

“This is our once-in-a-generation opportunity to deliver real tax reform for everyday hard-working Americans,” Trump said.

“I am fully committed to working with Congress to get this job done. And I don’t want to be disappointed by Congress.”

via www.newsmax.com

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